At the Kirkland Lake tailings recovery project in Ontario, gold production totalled 6,832 oz. At the Cargo Muchacho joint venture mine in Nevada, gold output was 5,652 oz for the period.
Eastmaque’s success has not gone unnoticed. Earlier this year, Ventures Trident, a mining investment fund, accumulated a minority position in the company. Fears by Eastmaque’s largest shareholder of a hostile takeover have been put aside following an agreement between Adolf Lundin, chairman of Eastmaque, and Ventures to establish a voting trust controlled by Lundin.
Under the new deal, Ventures will have the right to nominate two members to the company’s board of directors whereas Lundin will have the right to nominate four people. Also, both parties have agreed to appoint Lundin the chairman of the board. The chairman will also hold a casting vote at all board meetings.
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