The first gold and silver dore bar was recently poured at the Adelaide Crown open pit gold mine in Humboldt Cty., Nev. The mine is operated by Gold King Consolidated (NASDAQ), which leased the property from Grand Teton Industries (VSE). Grand Teton will receive a 35% net profits interest after Gold King has recouped its initial investment, less the costs of tangible personal and improved real property. Grand Teton’s interest drops to 5% in the South parcel and 25% in the North parcel when its payout reaches a cumulative total of US$850,000.
Grand Teton estimates mine production for the next 12 months will reach 20,000 oz. of gold equivalent.
The companies expect to expand reserves with an up-coming drilling program designed to test a number of targets on the 2,100-acre property.
Proven reserves at the mine were last reported at 585,000 tons grading 0.043 oz. gold and 1.31 oz. silver per ton.
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