MANITOBA PIPER CAPITAL (60% and operator) and GARSON RESOURCES (40%), both headquartered in Vancouver, have agreed to purchase the suspended New Britannia gold mine from KINROSS GOLD and HIGH RIVER GOLD MINES. The mine is located in Snow Lake.
The deal includes the mine and associated plant, infrastructure and equipment including a fully permitted 2,150-t/d mill, and tailings management facility. A measured and indicated mineral resource of 364,000 oz of gold (2.2 million t at 5.11 g/t) and an inferred mineral resource of 176,000 oz of gold (1.1 million t at 5.01 g/t) were estimated at the end of 2004.
The underground mine operated from 1949 to 1958 and again from 1995 to 2004. During that time it produced in the neighbourhood of 1.43 million oz of gold.
A technical report, prepared by Micon, covering the New Britannia mine is available at www.PiperCapitalInc.com.