Trend to buy Andacollo

Trend Mining (TRDM-O) intends to buy the Andacollo gold mine in northern Chile from Pacific Rim Mining (PMU-T). The purchase price for the former producer amounts to US$5.4 million.

Situated 800 km northwest of Santiago, the open-pit, heap-leach mine operated from 1996 to 2000.

The purchase price is to be paid over two years. The company has already paid US$300,000 to Pacific, and an additional US$2.7 million is due on closing in about a month.

Trend plans to mine 12 million tonnes of ore grading 0.88 gram gold per tonne over six years starting in the fourth quarter of this year. Cash operating costs, including reclamation and closure costs, are estimated at US$315 per oz. gold.

Trend expects to spend US$4.6 million on the project before full production is reached. Just over a third of that will be spent on the construction of new heap-leach pads.

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