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Evolving Gold has announced that their Joint Venture with Agnico-Eagle on the Rattlesnake Hills property in Nevada has been terminated.
In early April, Agnico-Eagle contacted Evolving Gold regarding renegotiating the exploration terms and commitments for the Rattlesnake Hills JV. Agnico-Eagle has announced the need to reduce their 2012 exploration budget in order to conserve cash. While Evolving Gold opened up to discussions on modifying the terms of the joint venture, an agreement could not be reached.
“Evolving Gold was prepared to negotiate modifications in the Rattlesnake Hills Joint Venture terms to assist its partner, as Agnico-Eagle expressed to us that it 'has experienced some difficult times in the last six months’,” stated R. Bruce Duncan, CEO of Evolving Gold. “Evolving Gold believes strongly in the technical merits of the Rattlesnake Hills project. As a Company, Evolving Gold is unwilling to accept major changes in the Joint Venture Agreement, terms that Agnico-Eagle agreed to only one year ago, when the changes would result in unacceptably low exploration expenditure levels.” Mr. Duncan continues, “Now that Evolving Gold once again controls 100 percent of the Rattlesnake Hills project we will focus on developing an aggressive exploration program on this large and expanding gold system. Evolving Gold’s firm belief in the merits of the Rattlesnake Hills project remains unchanged.”
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