Mariana ResourcesLtd. said April 12 that it has withdrawn from its earn-in agreementwith Sumin Resources Ltd.for the Nassau goldproject in Suriname, citing lower-than-expected results and milestones achieved.
The earn-in deal required Mariana to pay Sumin an option paymentof US$300,000 by the end of March as well as to expend a further US$700,000 to acquirean additional 20% interest in Nassau Gold Ltd. Thereafter a further option paymentof US$300,000 and US$2.2 million in expenditure is required to acquire a further10.1% interest.
"Mariana has earned a direct interest of 10.2% in the Nassaugold project through exploration expenditures to date and will monitor any progressmade by Sumin on the property and maintain this interest as warranted," saidMariana CEO Glen Parsons.
The company will instead focus on advancing prospective projectsthat "offer significant scale and economics," in particular the gold-copper projectin northeast Turkey.
Mariana added that drillinghas just started at the DoñaInes gold-silver project in Chile.