Pending resolution of bankruptcy proceedings,
The company hopes to avoid bankruptcy by selling a 40% interest in the open-pit mine to a private investment group. Alta expects to complete the sale prior to the bankruptcy hearing, scheduled for late August. No sale price was disclosed.
Alta could resume mining and milling at the site as early as September; meanwhile, heap leaching at Olinghouse is resulting in minimal production.
The company also produces minor amounts of gold from the similarly suspended Griffon mine in eastern Nevada.
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