Earth Search Sciences Inc., 310 E. 4500 South, a mineral exploration company, has signed a contract with Billiton Minerals U.S.A. to jointly develop ESSI's Malheur, Ore., gold, silver and copper property.
Under the agreement, Billiton will contribute $2 million over the next four years toward further exploration and development of the property in return for a 51 percent equity interest. Billiton will become the operator of the precious metals mines to be developed under the two companies' joint venture and joint operation agreements.The venture involves the sale and/
or exchange of 6,500 acres of mineral lands in southeastern Oregon.
Larry Vance, ESSI chief executive officer said the agreement will work to the advantage of all concerned. It will allow Billiton to bring its experience to the development phase of the project and allow ESSI to concentrate on finding ore bodies and proving them to be productive.