The postponed agreement between Westmin Resources (TSE) and Tenajon Resources (TSE) for developing the SB gold-silver property near Stewart, B.C., is back on track. The two companies recently announced a revised joint venture agreement in principle was reached, although it is still subject to minor revision and certain conditions.
If formalized into a final agreement, Tenajon’s SB deposit, accessible by road, would be brought into production and processed at Westmin’s nearby 50.1% owned Premier Gold mine. At last report, probable and possible reserves in two of four known zones at SB were stated as 308,000 tons with an average uncut grade of 0.505 oz. gold per ton and 1.07 oz. silver.
Westmin’s 2,200-ton-per-day open pit gold-silver mining operation is experiencing a number of startup problems. The company expects to present a revised mining plan to its directors for approval this month, which will include development to production of Tenajon’s 100% owned SB property.
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