MINING IN MEXICO — Granduc to acquire La Choya interest

Although best known for mineral projects in northern British Columbia, Granduc Mines (TSE) plans to buy a 25% interest in the advanced La Choya gold project in northwestern Sonora, Mexico.

At last report, the property’s reserves stood at about 4.3 million tons grading 0.038 oz. gold per ton, or about 140,000 ounces of proven gold reserves.

Although shareholder approval is still pending for the related party transaction, Granduc plans to pay US$1.37 million for the interest from its largest shareholder, Hecla Mining (NYSE). The amount represents 25% of the sum already spent by Hecla on feasibility and pre-production costs, plus a small premium.