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Wednesday, 20th June 2007 (3090 views)

Newly-formed mining company Grey Crown Resources, an affiliate of IBI, has completed its purchase of Busitema, including its producing Tira gold mine.

Tira Mine is a small open-pit commercial gold producer, located in the Busia region of Uganda and is reportedly on regional trend with 37.5 million proven ounces of gold.

Grey Crown also acquired the Busitema gold lands located near to Tira gold mine.

"Busitema's Tira Mine has excellent return on investment potential for increasing gold production and processing throughput and has been waiting only for the right partnership to effectively and sustainably enable the appropriate production and processing improvements," commented Paul Sherwen, president of Grey Crown.

Mr Sherwen added that Tira mine is positioned for solid growth in the future thanks to the new ownership position of Grey Crown.

Grey Crown now intends to increase gold production through expansion of gold production facilities and capacity in the Tira mine and to further explore the license area in order to establish documented 43-101-compliant proven reserves.

 

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