Mulgravian Ventures Corporation (MVC), a private Canadian exploration company, will spend approximately US$6.7M next year on looking for gold  at its Five Star Gold Project near Matthew’s Ridge, Region 1 (Barima/Waini) next year.

The 2013 programme of  activities will include construction of an airstrip and improvements to Five Star road access,  prospecting and geological mapping, trenching and diamond drilling of up to 10,000 meters,  officials of the company recently disclosed.
The company has already completed an airborne magnetic and radiometric survey over all areas of Five Star.
Mulgravian formed a joint venture on Five Star with Guyana Frontier, another Canadian gold mining company  operating in Guyana, in April 2012, with Mulgravian as operator holding a 51% interest and Guyana Frontier holding a 49% interest.
Guyana Frontier previously elected not to contribute to the 2012 Five Star programme, and will be subject to standard dilution of its 49% interest in Five Star, according to the terms of the joint venture agreement, a media release from MVC disclosed.
Five Star consists of 17 mining permits and eight prospecting permits which cover an area of approximately 25,065 acres near the settlement of Matthew’s Ridge, Guyana.
Guyana Frontier acquired its 100% interest in Five Star from two separate underlying vendors, Case Development Company Ltd. and Marcel Waaldijk, with each of the vendors currently maintaining a 3% net smelter returns royalty on their respective permits.
Guyana Frontier began acquiring interests in Guyanese exploration properties in 2007, and now holds various rights to obtain working interests in approximately 209,824 acres of prospective lands in Guyana.
Guyana Frontier’s primary goal is to develop a significant gold resource at the Marudi Mountain Gold Project, and to explore its other projects with joint venture partners, Warren Stanyer, President and CEO, recently disclosed.
Mulgravian earned its 51% working interest in Five Star from Guyana Frontier by incurring minimum exploration expenditures and property acquisition costs of US$2M, and by purchasing Guyana Frontier common shares and exercising Guyana Frontier common share purchase warrants totalling C’dn $630,000.