Madison Grant Resources (COATS) has reached an agreement to acquire 40 mining claims from the president of the company. Madison hopes the additional claims, which lie adjacent to Madison’s gold-silver mine near Virginia City., Mont., will make the property more attractive to potential joint- venture partners.
With a stockpile of 4,000 tons of ore lying outside the mine’s 84-ton- per-day mill, the company expects to enter production sometime this quarter.
The mine property has proven and probable reserves of 220,000 tons grading 0.23 oz. gold per ton and 3.37 oz. silver.
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