A member of the Agnico-Eagle Mines (TSE) group of companies, Goldex Mines (TSE), has agreed to pay Montreal-based junior Ormico Exploration (ME) $2.05 million for its 40% interest in the Goldex Extension property near Malartic, Que. This acquisition increases Goldex’s interest in the Dubuisson Twp. property to 100%.
The Goldex property, 38 miles east of Agnico-Eagle’s producing LaRonde mine, has a 1,500-ft. shaft and development on several levels. The property has a preliminary reserve estimate of 25.4 million tons grading 0.073 oz. gold per ton.
Underground exploration on the property was suspended by Goldex in 1991 following a slide in the gold price. Goldex President Paul Penna says that positive results from a recently completed feasibility study and a drop in the Canadian dollar against its U.S. counterpart may allow exploration to resume in 1993.
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