CDN-listed Van Ollie Explorations and three partners have opted out of a plan to buy the Kremzar gold mine near Wawa, Ont.
The companies were to pay Canada Tungsten $2.5 million (of which $500,000 had already been paid) for the mine and 500-ton-per-day mill. The mine hosts two orebodies with proven and probable minable reserves of 187,972 tonnes averaging 6.6 grams gold per tonne and 118,782 tonnes averaging 7.2 grams.
The group was unable to raise the remaining funds needed to complete the purchase.
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