GOLD AND PRECIOUS METALS — Tyranex closer to buying Mineral Hill in Montana

The deadline for the planned purchase of the Mineral Hill gold mine in Montana by Tyranex Gold (TXGI-O) has been extended.

Tyranex now has until August 31 to come up with the US$19 million required to buy Mineral Hill from TVX Gold (TVX-T), which closed the operation in 1996 following a drop in the grade of material mined. Amro Bank Canada, which is helping Tyranex raise some of the required funds, is one step closer to securing a loan for US$14.88 million from the Rural Economic Development Fund, now that its pre-application has been approved by the U.S.

Department of Agriculture.

Tyranex will raise the remaining US$4.3 million through a convertible debenture.

A consultant has determined that reserves at the 25-sq.-mile property stand at 1.3 million tons grading 0.29 oz. gold per ton, equivalent to 385,265 contained ounces.

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