NEWS ROUNDUP — Wharf purchases Golden Reward mine

A purchase agreement that gives Wharf Resources (TSE) a 60% interest in the Golden Reward gold mine near Lead, S.D., for US$21.3 million is complete.

Under a new partnership with MinVen Gold (TSE), Wharf has assumed management of the open pit heap leach mine and acquired 10% of MinVen’s outstanding shares. MinVen retains a 40% interest in the operation. Wharf is owner and operator of the neighboring Wharf mine, where 1993 production is expected to reach 100,000 oz. gold. The Golden Reward mine’s 1993 production target is 62,000 oz. By merging certain aspects of the two operations, Wharf expects to improve operating and administrative efficiencies and environmental control.

Wharf has also agreed to lend MinVen US$2 million for three years, secured by MinVen’s 40% interest in Golden Reward.