NEVADA — Cons. Nevada picks up another Aurora

Electra Gold (ELT-V) will sell its 10-year-old Aurora gold mine in southwestern Nevada to Consolidated Nevada Goldfields (KNV-T) in a deal worth US$2 million.

The latter will pay US$1 million in cash and US$1 million worth of shares to acquire the open-pit, heap-leach operation, which, since entering production in 1987, has turned out 225,000 oz.

Reserves at the Humboldt deposit stand at 720,000 tons grading 0.093 oz. per ton.

The mine becomes the second in Consolidated Nevada’s stable to be named Aurora; the company’s other Aurora mine, currently in production, is only 5 miles north of the of the operation it picked up from Electra. Both are fewer than 30 miles southwest of the town of Hawthorne.

Electra will apply proceeds of the sale to the Rambler tailings recovery and Pine Cove open-pit projects, both of which are near Baie Verte, Nfld. The Rambler is a seasonal operation with reserves of 1.1 million tons grading 0.06 oz. gold, whereas Pine Cove hosts a reserve of 2.3 million tons grading 0.11 oz. and remains open at depth.