In a move that increases its interest from 33.33% to 51%, Battle Mountain Gold (NYSE) has gained control of the Bolivian gold mining company, Empresa Minera Inti Raymi. Battle Mountain had an option to increase its position by paying US$15.75 million plus 150,000 common shares of Battle Mountain in return for the Inti Raymi stock. Upon closing, the company will have invested a total of US$38.75 million plus 550,000 common shares in the Bolivian project.
Inti Raymi is currently mining gold from a shallow oxide cap at its Kori Kollo mine, producing about 40,000 oz. per year.
Inti Raymi has been drilling on the property since mid-1989, testing for deep sulphide mineralization. Initial indications put reserves at 25-35 million tons grading from 0.070-0.075 oz. gold per ton.
Battle Mountain expects to make a development decision on the property by late summer or early fall, with initial production targeted for 1993.
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