Victoria Resources Corp.
said last week it signed letters of intent to acquire interests in three gold-exploration projects near Battle Mountain.
The company based in Vancouver, British Columbia, said it expects to complete the deal with a subsidiary of Newmont Mining Corp.
next month.
The three properties are; * Mill Canyon, which includes 426 patented and 11 patented claims in the Cortez Mountains 36 miles southeast of Battle Mountain.
* Hilltop Slaven, which includes a lease and sublease of Newmont's interests in about 50 square miles of property 17 miles southeast of Battle Mountain.
Newmont has 19 unpatented claims on the property.
* Preble-Pinson, which involves a lease of of Newmont's interests in 24 square miles of property in the Edna and Osgood Mountains 28 miles northwest of Battle Mountain.
Victoria will pay rent consisting of cash and common stock on the Mill Canyon property and will face requirements for minimum annual investments on the other two properties.
Newmont will have the right to receive half interests in the properties by paying two and half times the amount Victoria has invested.
Victoria said it will pay 5 million of its common shares to Dr.
Raul Madrid and Richard Andrew for negotiating the deal and will pay another 500,000 shares to Haywood Securities for helping to put the deal together.
Victoria has agreed to a private placement offering with Haywood for a total of up to 12,000,000 units.
The units will be priced at 10 cents per unit and will comprise a share and a warrant.
The company's stock was trading at 14 cents a share last week, near the top of its range during the last 52 weeks.
