Thursday, 21st June 2007 (2100 views)

Mining company Terraco Gold has entered into an agreement with Metallic Ventures to buy its Moonlight property for $1 million (£500,000).

The Moonlight property is located north-east of Lovelock, Nevada in the Humboldt Range which is five miles north of Coeur d'Alene Mining's Rochester Mine.

Rochester Mine has produced more than one million ounces of gold in its history, producing nearly 72,000 ounces of gold in 2006.

"We believe that the strategic acquisition ... from Metallic provides the company with greater opportunity to develop the Moonlight property without a partner, while providing the optimum amount of financial upside going forward," said Terraco president Todd Hilditch.

Controlling all of the property gives the Terraco a "tremendous" opportunity in a prospective Nevada gold district, he added.

Terraco is a junior gold exploration company with gold properties in Nevada and Arizona.

It's Bonanza-Golden Eagle Property is located within the Harquahala mining district of the Little Harquahala Mountains, La Paz County, Arizona

 

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