Ariel acquires three properties

Costa Rican gold producer Ariel Resources (VSE) has acquired three additional properties at the northern end of the Central American country’s Gold Belt.

The properties, named Boston, Gongolona and Ano Nuevo, sit to the northeast, north and east of Ariel’s San Martin exploration property. The company is hoping the acquisitions will help it to develop a large open-pit gold deposit.

The aggregate cost of the three properties is US$320,000. A wholly owned subsidiary of Ariel, Minas de Sierra Alta S.A., previously paid US$10,000. Ariel will issue shares priced at $1.09 each to satisfy the balance of the purchase, which is subject to regulatory approval.

Ariel reports output of 1,045 oz. gold from its Tres Hermanos underground mine operation during September. The San Martin property, it says, is expected to start providing mill feed from underground in late 1993.

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