Hecla inks deal with Santa Fe for Rosebud

Hecla Mining (HL-N) and Santa Fe Pacific Gold (GLD-N) will develop the Rosebud gold-silver deposit, 50 miles west of Winnemucca, Nev.

Under a 50-50 joint-venture agreement, Hecla will operate the high-grade oxide mine, with ore trucked to Santa Fe’s Twin Creeks mine, 45 miles northeast of Winnemucca, for processing.

The mine is expected to produce 100,000 oz. gold annually for five years.

Reserves stand at 1.2 million tons grading 0.45 oz. gold and 2.75 oz. silver per ton.

Construction of surface facilities site began in August, with underground development scheduled to begin in the fourth quarter. Production is expected in the second quarter of 1997.

In other news, Hecla and its 53% partner, MK Gold (MKAU-Q), will suspend operation of the American Girl gold mine in California effective Nov. 4.

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