An option to purchase all the outstanding shares of Oliver Hills Mining has been acquired by BMR Gold (ASE). Oliver Hills is a privately owned company which owns a gold-silver heap leaching facility near Carson City, Nev.
The option is exercisable on May 5, 1991, with the payment of US$750,000 in staged payments over a 12-month period. The payment is to be made 55% in BMR shares valued at the market price Feb. 5, 1991, less 20% while the balance is payable in cash.
An independent geologist, hired by BMR, evaluated the mineral resource in the area of the Oliver Hills plant and identified reserves of 3.4 million tons grading 0.054 oz. gold and 1.02 silver per ton plus an addition 5.8 million tons of potential reserves at about the same grade.
BMR is negotiating with the various property owners in the area to acquire the mining claims.
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