Argentex Mining Corp. of Toronto said last week it signed a letter of intent to acquire a controlling interest in the Long Peak gold project in the Battle Mountain area.
The publicly held company said it will pay approximately $3 million in cash, royalty payments and exploration expenditures over four years to obtain a 60 percent interest in the property owned by Staccato Gold Resources Ltd.
Argentex can earn another 15 percent interest by completing a feasibility study on the property.
The Long Peak project includes 42 unpatented mining claims covering 620 acres.
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