Timmins Land, a privately owned company based in Timmins, Ont., has entered into an agreement with Breakwater Resources (TSE) to buy the South Rundle mine property for $1.5 million. The 800-acre property, 60 miles southwest of Timmins, is known to contain a small gold deposits with proven and probable reserves of 230,538 tons grading 0.22 oz. gold per ton.
Previous owners, including Hollinger Gold Mines and Breakwater, left behind a 600-ft. shaft and a decline that extends down to the 400-ft. level. There is also a headframe shafthouse and steel-clad core shack on site.
Having made a $100,000 down payment, John Tait, a lawyer acting on behalf of Timmins Land, says the company is attempting to gain the financing needed to pay the balance within the next 12 months.
In future, Timmins Land is planning to do some infill drilling in an attempt to expand South Rundle’s known reserves. “Breakwater spent a lot of money deepening the shaft but they didn’t do much exploration on the property,” said Tait.
Timmins Land President Joseph DeFelice has been approached by a number of individuals who are reportedly interested in the property. But Tait declined to say who the individuals are.
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