USMX to buy 50% of Alligator Ridge mine

USMX (NASDAQ) of Denver, Colo., has reached an accord with RTZ-subsidiary Kennocott Corp., to purchase the latter company’s 50% interest in the Alligator Ridge gold mine in White Pine Cty., Nev. A formal sale and purchase agreement is expected to be signed shortly. Financial details of the transaction were not disclosed. Also included in the agreement are nearly 33,000 acres of exploration lands located along the Alligator Ridge Trend in Nevada. Operations at the Alligator Ridge mine for 1990 will include the leaching of some 310,000 tons of ore grading 0.049 oz. gold per ton, as well as residual leaching of the prior years’ ore. Additional exploration will also be conducted on the joint venture lands.