Think this will hurt the share price at all?
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Black Hawk sees Newmont fly the Nicaraguan coop
2002-10-02 14:29 PT - News Release
Mr. Garth MacRae reports
BLACK HAWK MINING INC. ANNOUNCES NEWMONT'S WITHDRAWAL FROM OP ...
Newmont Overseas Exploration Limited (a 100-per-cent subsidiary of Newmont Mining Corporation) has withdrawn from an option to earn an interest in Black Hawk Mining's exploration properties in Nicaragua. The company optioned the property to Newmont in June, 2000, granting Newmont the right to acquire a 55-per-cent interest in the Nicaragua mineral concessions by completing expenditures of $5-million (U.S.) by June 6, 2006.
Newmont spent approximately $1.5-million (U.S.) on exploration activities on the Nicaragua mineral concessions, which do not include the Limon mine concession. Activities included: regional scale stream sediment sampling, mapping and prospecting; the completion of ground magnetic and resistivity surveys at the Bonete prospect followed by a 2,400-metre drilling program in search for buried veins systems; and soil sampling, detailed mapping and a trenching program at the Real de la Cruz prospect.
While Newmont did not identify any targets that meet its thresholds for further expenditure, Black Hawk will use the information to select specific areas for followup that have exploration potential that fits Black Hawk's investment criteria. Areas that will be the subject of additional field investigation include the past producing La India district, the past producing Rincon de Garcia-Mina de Agua veins, and areas with small miner excavations, such as the Villanueva and La Grecia camps. The company's La-India-El Sauce mineral concession has indicated resources of 775,400 tonnes grading 8.2 grams of gold per tonne and inferred resources of 1,123,500 tonnes grading 9.3 grams of gold per tonne (see 2001 annual report, Nicaragua mineral concessions). The reconnaissance information from Newmont's activities will provide the company with the opportunity to reconfigure its mineral concessions, minimizing landholding costs, while retaining areas that warrant additional exploration.
Separately, Black Hawk continues with its own exploration including diamond drilling, within the Limon mine concession, on targets identified earlier in the year. |
