Golden Arrow Resources Corp. said Aug. 14 that it entered into an option agreement to acquire the 64,000-hectare Tierra Dorada gold project in southeastern Paraguay, in which the company is planning to conduct a comprehensive exploration program beginning September.
The agreement involves staged escalating payments over six years amounting to US$2.0 million, with an additional payment of US$2.0 million due 30 working days following the commencement date of any commercial production on the property.
Golden Arrow's subsidiary in Paraguay has filed a application for a prospecting permit over the project and has already received pre-approval without objections from the Vice Ministry of Mines. The company has also been issued an environmental permit by the Ministry of Environment, while the company is still waiting for a permit from the Ministry of Public of Infrastructure.
