Great Western and Crown Point to cooperate at Huntoon

Great Western Mining announced on Tuesday the signing of a cooperation agreement for the initial development of its M1 copper-gold prospect in Mineral County, Nevada.

The AIM and ESM-traded firm said the agreement is with neighbouring interest holder Crown Point Gold & Silver Mining, and includes 34 of the company's claims in the immediate vicinity of the historic Huntoon Mine.

Crown Point holds six adjoining claims.

Under the agreement, GWM and Crown Point will share resources and cooperate in exploiting the potential of the Huntoon Mine Area including shared use of existing access roads.

The initial period of the agreement will be three years, extendable by mutual consent.

Crown Point will be permitted to follow commercially exploitable veins originating on its own ground into GWM's claims with profits shared between the parties.

Any farm-out or sale of acreage will be conducted as a joint operation with the benefits accruing to both parties.

“This agreement represents a significant milestone in the potential commercialisation of M1,” said Great Western chief executive David Fraser.

“Crown Point has already recovered encouraging grades of Gold from its 6 Huntoon Area claims, the potential of which extends into GWM's claims.”

Fraser said Crown Point's success can be correlated with the anomalous gold readings which GWM has established over a wide area.

“We look forward to working with Crown Point on the development of the area around the Huntoon Mine and will update shareholders as work progresses."