GOLD MINING: Wayside makes bid for QR mine

BRITISH COLUMBIA - International Wayside Gold Mines and Cross Lake Minerals have entered a non-binding agreement fo...

BRITISH COLUMBIA — International Wayside Gold Mines and Cross Lake Minerals have entered a non-binding agreement for the sale of Cross Lake's QR gold mine and mill near Quesnel to Wayside. Cross Lake is under protection of the Companies' Creditors Arrangement Act (CCAA). Lower than expected ore tonnage and grade as well as increasing costs forced the company to temporarily shut down the mine and mill in December 2008.

 

The QR deposit was discovered in the mid-1970s. It operated from 1995 to 1998, and Cross Lake acquired the property in 2002. Cross Lake restarted production in September 2007.

 

If the sale goes through, Wayside intends to transfer all of its properties to a new, wholly owned subsidiary. The QR mine and mill are to be renamed Barkerville Gold Mines Ltd. Details of Wayside's plans are available at www.Wayside-Gold.com.

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