B.Y.G acquires 100% of Mt. Nansen

The company acquired a further 31% in the Yukon project from Chevron Minerals for a total consideration of $1.75 million, payable $100,000 in cash and the balance of $1.65 million by way of a 3% net smelter return on production from the property. B.Y.G. said the acquisition will facilitate production financing which is currently under negotiation.

Mt. Nansen is reported to contain proven, probable and possible reserves in six zones of 1.05 million tons grading 0.27 oz gold and 5.5 oz silver per ton.

The company plans to mine a portion of the reserves grading 0.34 oz gold and 2.86 oz silver by open pit methods, using an existing 300- ton-per-day mill.

Initial production would involve the processing of oxidized material, but the property also contains underground sulphide reserves. A previous operator is reported to have made several attempts to mine Mt. Nansen as an underground operation, but was forced to shutdown for want of a cyanide circuit to treat oxide material and because the refractory sulphide ore resulted in poor gold recovery.

B.Y.G. is planning further exploration work this season for an additional 12 partially-explored mineralized zones on its Mt. Nansen property.

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