Continuing to assemble a set of copper deposits in Nevada, Arimetco International (TSE) has bought the Paradise Peak mine of FMC Gold (NYSE).
A former gold producer, Paradise Peak lies 225 km southeast of Reno.
Arimetco is paying US$4 million for the mine and posting a US$1-million reclamation bond. It is also assuming FMC’s reclamation liabilities, estimated at US$5.5 million.
Arimetco plans to put its Sullivan deposit, about 3 km from Paradise Peak, into production using the Paradise Peak facilities for copper and gold production by heap leaching.
Arimetco has retained its Western States Engineering subsidiary in order to provide a full feasibility study to design a solvent
extraction-electrowinning process for Sullivan, which hosts estimated reserves of 17 million tons grading 0.34% copper, plus 0.026 oz. gold per ton.
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