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Gold/Mining/Energy : Medinah Mining Inc. (MDHM)
MDMN 0.000001000-99.0%Jun 3 1:07 PM EST
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To: KMT who wrote (6378)9/30/1998 12:24:00 PM
From: Mike Gold  Read Replies (1) of 25548
 
Southwestern, Newmont Form Exploration JV - Peru September 30, 1998

Canada-based Southwestern Gold has formed a joint venture with US-based Newmont Mining on Southwestern's 100%-owned Puno project, comprised of 32 exploration concessions totaling 22,500h in southern Peru's Tertiary Volcanic Belt west of Lake Titicaca.

Newmont will operate the exploration joint venture to further advance gold targets identified by Southwestern over a two-year program.

Under terms of the deal, Newmont can earn a 50% interest in the project by spending US$1.5mn over a four-year period. Thereafter, Newmont and Southwestern will form a 50/50 joint venture and fund exploration on a pro rata basis.

Southwestern Gold Corp. has exploration projects in Chile, Peru, Brazil and China. The company is exploring for diamonds in Brazil and Canada through its 52% owned subsidiary, Canabrava Diamond Corp. (CNB-V).

Newmont had its 51.35% share in Peru's Yanacocha gold mine confirmed by Peru's Supreme Court in June after a three-year legal battle with partner BRGM and Normandy. In Mexico, the company's 44%-owned joint venture La Herradura poured it first gold on July 7 this year. Newmont registered a US$25.7mn second quarter gain this year, compared to a US$64.6mn loss in the same period 1997.

Source: BNA

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