An open pit, heap leach operation, the Aurora mine was opened by Minerex in September, 1987. For fiscal 1989, the company expects to produce 24,000 oz of gold. However, proceeds from gold sales likely will be used entirely to meet operating expenses, debt repayment and capital expenditures, which Minerex says will be significant.
The company holds a 50% interest in the mine. Electra North West Resources (VSE) holds the remaining 50% but only shares in earnings once Minerex is paid back its capital investment.
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