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Fort Knox signs $30-million exploration contract (3/02)

Fort Knox Resources Inc. inked a $30-million exploration and development deal with Dynatec Corp. to search for minerals in five abandoned mines in the Sudbury region.

Fort Knox Resources Inc. inked a $30-million exploration and development deal with Dynatec Corp. to search for minerals in five abandoned mines in the Sudbury region. Each company will invest $7 million into the program in the next 16 months, with Fort Knox conducting surface and underground exploration work, and Dynatec undertaking surface and underground mining operations. Over a further 36-month period, Fort Knox will contribute $12 million more with Dynatec investing $4 million. The five abandoned mines - McCreedy West, Levack, Victoria, Kirkwood and Norman - are former copper, nickel, gold and platinum-group metal producing mines once owned by Inco Ltd. If any significant deposits are made, Inco can buy back 51 per cent of the interest in the property.