Greenwood Gold Resources Ltd. announced that the company has purchased a working interest option in a mining property in Canada. The company believes that the property is prospective for gold and copper.
Greenwood Gold Resources purchased a 100% working interest option in the Summer property, a 2,360 acre mining concession located in British Columbia, Canada. The option was purchased from Candorado Operating Company Ltd., an exploration mining company headquartered in West Kelowna, British Columbia.
Greenwood Gold Resources said that the Summer property is located in the Quesnel Trough, a regional depositional belt that runs for hundreds of miles through British Columbia. The Quesnel trough is the source for many of the producing mines in the province.
Greenwood Gold Resources believes that the Summer property has the geology and mineralization that is indicative of a gold and copper deposit.
The agreement requires Greenwood Gold Resources to perform an exploration program at the property at a cost of $350,000. The company has already issued 6,144,975 shares of its common stock to Candorado Operating Company Ltd. and must also pay $150,000 to earn a 40% interest in the property.
For more information on the company, go to www.greenwoodgoldresources.com