Goldenbell Resources says that Pathfinder Gold of San Francisco has elected not to participate in further development of the Pine Tree gold project. The option agreement expired on Jan 30 and both companies have “agreed to maintain friendly and open lines of communication,”says M. G. Berretta, Goldenbell president.
Pathfinder is a joint venture partner in the Sonora Gold project in California in which Mr Berretta’s ABM Mining Group is a major shareholder.
Mr Berretta says that permitting efforts and geotechnical engineering work are progressing smoothly for the Pine Tree project. These should be completed by mid year. He says construction could begin in mid-1987 and production one year later. The open pit mining operation is expected to produce 130,000 oz gold annually at a direct cost of $229(US) per oz, he states.
Capital costs have been estimated at $51.8 million. Negotiations are under way with various international banking and financial institutions to fund the project to production, he adds.
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