By year-end, partners Franco-Nevada Mining (FN-T) and Euro-Nevada Mining (EN-T) expect to have received a prefeasibility study on the Rex-Grande deposit in Nevada.
Eight rigs are drilling the Rex-Grande and Acme zones, as well as three new zones: Dempsey, Elko Prince and Sleeping Beauty.
Results to date have prompted the joint venture to increase its 1996 exploration and drilling budget to US$12 million from US$4.3 million. Of this total, US$3 million will be used to exercise land purchase rights over 2,232 acres held under option by the companies.
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