Precious metals will be the exploration focus on the properties, adjacent to BIG’s Bullfrog mine near Beatty. Sunshine Mining’s initial exploration program is reported to have returned “encouraging results” and a number of targets will be tested in future programs.
Should suitable reserves be defined and developed, the agreement allows for the possible use of BIG’s mill at Bullfrog and Sunshine’s refinery at Kellogg, Idaho.
Sunshine acquired the properties in 1987 from a Las Vegas family which retains the right to participate up to a 1/3 interest in development projects. BIG plans to spend $2 million(US) on exploration over 30 months to earn a 60% interest in the joint venture. Sunshine will retain a 40% interest. Development on the properties will be subject to the family’s participation right.
In October of this year, Toronto-based LAC Minerals (TSE) agreed to b uy a 65% controlling stake in Bond International Gold for $373.8 million(US). BIG’s new Bullfrog mine is expected to produce just over 200,000 oz this year, making it the company’s largest gold producer in North America.
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