Homestake adds to Ruby Hill

A recent agreement with European American Resources (EPAR-O) sets the stage for Homestake Mining (HM-N) to add to its property position near the Ruby Hill gold mine in Nevada.

Homestake gained the right to earn up to a 51% interest in the Prospect Mountain properties by spending US$2 million on exploration before the end of 2002. Ruby Hill is Homestake’s lowest-cost gold producer. It turned out 123,800 oz. last year at a cash cost of US$104 per oz.