To all:
Wheaton River to acquire Bellavista project from Minera Rayrock
Wheaton River Minerals Ltd WRM
Shares issued 30,390,348 Jul 18 close $0.43
Mon 21 Jul 97 News Release
Also Minera Rayrock Inc (MRN.A)
Mr Ian McDonald reports
Wheaton River Minerals will proceed with the acquisition of a 100% interest
in the Bellavista gold project in Costa Rica from Minera Rayrock under
amended terms.
Wheaton River will now issue to Minera Rayrock 2,000,000 shares and
2,000,000 warrants exercisable at $1.00 for five years. A further
$1,000,000 will be paid upon commercial gold production from the project. A
final agreement is expected to be signed by August 15 1997.
Bellavista contains a known resource of 37,392,000 tonnes grading 1.63 gm/t
gold containing 1,958,000 oz of gold. The project has been the subject of
extensive exploration programs with expenditures totalling US$15.2 million
since 1984. A production royalty interest is payable to a third party.
A major independent engineering firm concluded that the combined open pit
proven and probable mining reserves, as calculated by Minera Rayrock of
10,745,000 tonnes at 1.76 gm/t gold containing 608,000 oz, meet the
requirements of National Policy 2A. A higher grade section of the remaining
resource, which is expected will be mined by bulk underground methods, is
estimated to contain 3,600,000 tonnes grading 3.28 g/t gold containing
380,000 oz of gold. This zone is open in two directions and has excellent
potential to increase in size.
Wheaton River has demonstrated an ability to engineer, permit and finance
projects that require a high degree of innovation and detail. With the
seasonal heap leach Golden Bear mine in northern BC soon to be operational,
Wheaton River believes that the Bellavista gold project makes an ideal
strategic fit. Metallurgical testing is scheduled to get under way at
Bellavista before the end of August.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
regards
gmweber |
