Gold Jubilee CapitalCorp. said April 5 that it has signed a nonbinding letter of intentwith Appalachian Resources Balkandoo to earn a 100% interest in ARB's interest in the gold-copper propertyin Serbia.
Gold Jubilee can acquire the property by making cash option paymentsin an unspecified amount, as well as a number of share payments of Gold Jubileeshares. Gold Jubilee will also be required to complete approved exploration expenditureson the property.
The two companies aim to ink a definitive option agreement.
The Deli Jovan North property is an early-stage exploration propertywith at least five historic small-scale mining operations. Since 2012, ARB has conductedpreliminary exploration, mapping, and sampling on the property.
Gold Jubilee expects to conduct a site visit in the first weekof May to finalize the terms of the option agreement and assist with the preparationof a technical report.