Placer ups stake in U.S. Gold

The conversion increases Placer’s position to 22% from 16% of U.S. Gold’s common equity.

U.S. Gold’s operations include: the 100% owned White Pine heap leach mine in Nevada; a 29.33% interest in the Dee Mine, a carbon-in-leach mill an d heap leach facility in the Carlin Trend; and a 100% interest in Tonkin Springs, the first commercial gold facility to use bioleaching as a pre-treatment for sulphide ore. Tonkin Springs recently began processing ore in its oxide plant. President William Reid indicated that bioleaching would begin in the near future.

In addition, the company recently announced plans to go ahead with the $73-million(US) Hayden Hill project in California. The venture is 60% owned by Amax Gold (NYSE).

]]>