Monday, 17th March 2008 (2905 views)

Genco Resources has agreed a deal with Andover Ventures to acquire the Burgin and Trixie gold and silver mines in Utah, the company has announced.

Under the agreement, Genco purchased approximately 65 per cent of the shares of Chief Consolidated Mining, which controls the formerly producing mines, from Andover. This gives it ownership of around 6,000 acres of Chief's estimated land bank of 16,000 acres.

In an assessment of Chief's assets conducted for the deal in conjunction with an independent consultant, Andover director Brian Mountford said the mines represent an "outstanding" group of properties with "high-grade mineralisation and large-scale targets".

Neither the Burgin nor the Trixie mines are currently in production and Genco has announced it will carry out a new development programme at the sites to bring them back on line.

The companies other ventures include exploration and development operations.

Among them are the San Rafael mine and the La Guitarra mine in the Temascaltepec mining district of southern Mexico.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.