VAL D’OR, Quebec McWATTERS MINING has agreed to sell its Kiena gold mining complex to WESTERN QUEBEC MINES for $3 million. McWatters will retain a net smelter return. The mine was closed in 2002, but should Western Quebec restart the mill, McWatters will receive an additional $1 million.
The transaction is subject to due diligence review, and the closing is expected on Dec. 31, 2003.
McWatters also owns the Sigma-Lamaque complex a few kilometres to the east. With the help of RSG GLOBAL, it is seeking to increase productivity (and drive down costs) before production is resumed there. The company also owns the East Amphi project between Kiena and Sigma-Lamaque. Its website is at www.mcwatters.com.