Already the principal land holder in the Geraldton camp, Roxmark Mines (TSE) has added the Northern Empire property, near Beardmore, Ont., to its stable of properties.
Situated 80 km west of the Magnet mine, Roxmark’s principal asset in the area, the Northern Empire gold mine produced from 1934 to 1941 before Pancontinental Mining and Ateba Mines (CDN) worked jointly at the property in 1989. The mine’s total production over the years is slightly more than 153,000 oz. It includes a mill, upgraded in 1990.
As part of the deal, Roxmark has arranged for the forgiveness of a provincial loan Ateba incurred at the Northern Empire mill and has provided a mine closure and rehabilitation plan to the Ministry of Northern Development and Mines. The new agreement clears Ateba and Pancontinental of any future obligations under the closure plan.
Roxmark’s joint-venture partner Cyprus Canada has started drilling at properties in the Geraldton area, where it is earning a 60% interest. The first phase of the program will include 16 holes, and follow-up drilling will be conducted after spring breakup.
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