Newmont Mining Becomes Largest Mine In US - Buys Sante Fe Message Board

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Gold/Mining/Energy : Newmont Mining Becomes Largest Mine In US - Buys Sante Fe

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To: SStam who wrote (26)	4/13/1997 6:35:00 AM
From: SStam	of 65

More good News about GLD and NEM: BISHKEK, April 10 (Reuter) - U.S. gold majors Newmont Mining Corp <NEM.N> and Santa Fe Pacific Gold Corp <GLD.N> signed a joint venture with Kyrgyzstan on Thursday to explore the former Soviet republic's Solton-Sary gold deposit. "The creation of this joint venture is among the largest geological surveys in Kyrgyzstan and possibly in the Commonwealth of Independent States," Dastan Sarygulov, head of state gold concern Kyrgyzaltyn, told a news conference. He said the deposit could be second in size to the republic's Kumtor field which, with reserves of around 288 tonnes of gold, is being mined by Canada's Cameco Corp <CCO.TO> in a joint venture with Kyrgyzaltyn. Sarygulov gave no details of reserves for Solton-Sary. Newmont and Santa Fe Pacific will spend 30 million soms on exploring the field. If the two companies find gold, they have the exclusive right to to mine Solton-Sary. The companies, which plan to merge next month, also have the right to freely export production. Newmont is already producing around 12 tonnes of gold a year in neighbouring Uzbekistan. ($1 = 17.9 soms) --Almaty Newsroom, +7 3272 509410 13:49 04-10-97

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