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Monday, 24th January 2005 (4781 views)

Minco has announced it is to buy a 50 per cent stake in Minera Sisa.<br/><br/>Minera Sisa owns high-grade gold and silver mining properties in Mexico's Sierra Madre Mountains.<br/><br/>The deal is thought to be worth around $2.4 million (£1.28 million).<br/><br/>Minco will commit a further £2 million for funding exploration and development, and take control of Sisa's board.<br/><br/>Sisa's production extends to 40 million ounces of gold and one billion ounces of silver.<br/><br/>Minco said initial field studies show that the area has good potential to host a large-scale open pit operation.<br/><br/>The Salas family, who have been involved with the property since 1967, owns the other 50 per cent of Sisa.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7636279"/>

 

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