FMC wholly owns Beartrack deposit

The Beartrack gold project in Idaho is now wholly owned by FMC Gold, an 80%-held subsidiary of FMC Corp. (NYSE).

FMC acquired 71% of the project as part of its 1990 acquisition of Meridian Gold. In late 1991, former partner Canyon Resources (NASDAQ) transferred to FMC its 15% interest in Beartrack.

Earlier this month, FMC went on to acquire a 14% interest held by the sole remaining minority partner, Minex Resources. Terms of the acquisition were not disclosed.

FMC intends to invest US$57 million to develop Beartrack as a large-scale, heap-leach operation. The deposit contains an estimated 1 million oz. within proven and probable reserves. A 7-year mine life is projected, with initial production to begin in 1995.