A new partnership, designed to search for and acquire gold reserves in North America, is being formed by Minorco and Inspiration Resources Corp. The partnership will consist of all the assets of Inspiration Gold, a wholly-owned irc affiliate, and a cash injection by Minorco of $80 million(US).
By the 1990s, the partnership hopes to increase gold production from 65,000 oz in 1987 to 200,000 oz. The reserve target objective is 2.5 million oz.
The two producing properties brought to the partnership include an offshore placer mining project near Nome, Alaska, and a 72.5% interest in the Austin mine and mill in Nevada. Inspiration Gold is also contributing interests in 15 exploration projects in the western United States.
Funded by Minorco, the new company plans to spend more than $12 million(US) on exploration and development programs in 1988. The partners also expect to add the assets of Mingold, another equally held partnership, to the new company in the future.
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