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Kinross Acquires Mineral Rights On Land Next To Fort Knox Mine

Kitco News

Kinross Gold Corp. (TSX: K, NYSE: KGC) says it has gained mineral rights to a 287-hectare (709-acre) parcel of land known as Gilmore, located immediately west of its Fort Knox mine in Alaska. As a result, Kinross says it has added 2.1 million gold ounces in estimated measured and indicated resources and 300,000 in estimated inferred resources at Fort Knox. Kinross began an initial drilling program on Gilmore land, and Fort Knox land adjacent to Gilmore, in 2014. The company says it was targeting “promising opportunities” in the existing Fort Knox ore body, which continues west. Kinross has begun a Gilmore feasibility study that will analyze a layback of the current Fort Knox pit to access known mineralization on Fort Knox and Gilmore land. Kinross says it expects to provide an update on the feasibility study in mid-2018 and initiate the permitting process for mining at Gilmore by year end. “Gilmore is a promising organic development opportunity that can potentially extend mine life at our Fort Knox mine in Alaska, one of our top-producing and high-performing operations,” says J. Paul Rollinson, president and chief executive officer.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Teranga Gold Enters Into Joint Venture For Afema Land Package

Wednesday December 13, 2017 08:10

Teranga Gold Corp. (TSX: TGZ) has entered into a memorandum of understanding with Sodim Limited, a private investment company, to establish a joint venture for the exploration and development of the Afema land package in Côte d’Ivoire, the company says. The land package covers more than 1,400 square kilometers and includes a mining license and three exploration permits. Teranga can earn a 70% interest in the joint venture through the completion of a three-year, $11 million exploration and community relations work program and delivery of a positive feasibility study.  After a positive feasibility study, Sodim can either maintain its 30% interest or convert to a 3% net smelter royalty. Sodim will receive $2.5 million upon signing of the memorandum of understanding, with progressive payments of up to $7.5 million with the delivery of a positive feasibility study. “Teranga won the joint venture rights to this highly sought-after land package following a competitive auction process,” says Richard Young, president and chief executive officer. “The addition of the Afema JV assets to our growth pipeline is an important step towards delivering organically on our vision of becoming a multi-asset, mid-tier West African gold producer.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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