Toronto-listed Rayrock Yellowknife Resources plans to increase its ownership in the Dee gold mine to 100% from the current 44%
It will buy a 44% interest from Corona Gold, a wholly owned subsidiary of Homestake Mining (NYSE), and 12% from an unnamed individual. The purchases have yet to be approved by directors and regulators but are expected to cost a total of US$21.1 million.
Drilling by Rayrock indicates a geological resource of 700,000-800,000 oz. gold minable at $400 per oz. Minable reserves were last estimated at 3.8 million tons grading 0.044 oz. gold per ton.
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