Electra to rent Ming’s mill

Vancouver-based Electra Mining (ELT-V) plans to carry out a bulk-sample test of gold-bearing tailings owned by its subsidiary near Baie Verte, Nfld.

The junior agreed to pay Ming Minerals, a 70%-owned subsidiary of Eastern Meridian Mining (EME-A), a fee of $45,000 per month during the bulk-sample test period, for up to three months.

If the test is successful, Electra will have the option of renting the mill for three years for long-term processing of its tailings. The fee would be $35,000 per month, or $4 per ton of tailings processed in that month, whichever is greater. The terms of the agreement can be altered under certain conditions.