VSE-listed Electra Mining Consolidated has assumed total ownership of the Aurora Partnership heap-leach gold mine near Hawthorne, Nev.
It did so by acquiring a half interest through the purchase of all the outstanding shares of Minerex Resources from a subsidiary of Canada Tungsten (TSE). The purchase price was not disclosed.
Electra financed the purchase through a US$3-million gold loan facility provided by N.M. Rothschild & Sons. The company expects gold recovery from heap-leach pads to continue into 1997, and additional open-pit reserve potential is seen in the area.
The project also features an underground resource of 1.5 million tons grading 0.1 oz. gold per ton, including an estimated 100,000 tons grading 0.32 oz.
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