Thorco acquires an interest in S. African mine

Thorco Resources reports it has acquired 100% of the issued share capital and warrants of Centurion Exploration and Mining, a U.K.- -based mining company with a 60% controlling interest in a South African gold mine.

The mine produced over 5,000 oz gold during the year ended February, 1987.

Thorco President Tom Gledhill says Centurion also holds, through a 50% inter est in a Spanish subsidiary, a net 20% interest in a gold- silver heap leach project in southwest Spain, where production at the rate of 300,000 tonnes per year is scheduled to start at the end of this year.

The Spanish project has a reported five million tonnes of tailings and in-situ gossan ore with average grades of 1.87 g gold per tonne, and 37.64 g silver.

Mr Gledhill says Thorco plans to further develop Centurion’s mining interests in Spain, but will also seek additional Canadian projects.