Searchlight Resources Inc. signed a letter of intent granting Emgold Mining Corp. an option to acquire the New York Canyon copper-molybdenum-gold property in Nevada.

Consideration comprises C$350,000 in cash and C$500,000 in shares. The deal is subject to completion of a definitive agreement and approval by the TSX Venture Exchange.

Searchlight said May 28 that the transaction allows it to focus on Saskatchewan, including the reopening of the past-producing Rio gold mine and exploration in the Flin Flon-Snow Lake greenstone belt.