Pinnacle buys more Geometall

Moscow-based Western Pinnacle Mining (WPN-V) has tightened its grip on its key Russian subsidiary, Geometall.

In October 1998, Western Pinnacle raised its stake in Geometall by to 58.8% from 45.6% by issuing 1.85 million shares, and in

February the junior boosted its holding to 74.43% by paying US$218,390.

Magadan-based Geometall holds a 24.97% interest in the Omolon joint venture which, with Kinross Gold (K-N), operates the Kubaka gold mine, north of Magadan in Russia’s Far East.

In 1997, Geometall established a 30-70 joint venture with Pan American Silver (PAA-T) to develop the large Dukat silver deposit, also northeast of Magadan.