The 50% interest in the Big Bell gold mine in Western Australia belonging to Placer Pacific, the 75.7% owned subsidiary of Placer Dome (TSE), has been sold to Poseidon Gold of Australia for about US$8.6 million.
Poseidon is Placer’s joint venture partner in the open pit operation, which entered production in February, 1989. Open pit resources are expected to be depleted in January, 1993.
Mine output in 1991 totalled almost 136,000 oz. gold.
The sale involves Placer Pacific’s interest in the joint venture and its related land tenements, including the rights to any remaining reserves. Placer’s 50% interest in the open pit mobile equipment has been sold separately for about US$2.5 million.
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