Friday, 13th August 2004 (2496 views)

Australian mining investment company Buka Minerals has revealed it is to acquire a stake in the gold assets of Gympie Gold.

Under a new deal it will acquire a 12.9 per cent share and will become a minority partner in a newly created company Gympie Eldorado Mining.

The new firm will own the Eldorado mining and exploration project in the state of Queensland.

Buka managing director John Richards told Dow Jones Newswires: "Our focus is very much on it as an exploration play.

"Gympie Eldorado Mining considers the Gympie gold field to be highly prospective and under-explored, as highlighted by successful exploration during 2003, prior to Gympie Gold entering receivership."

At present the site produces gold at a rate of 30,000 ounces a year and Buka has revealed it would be interested in eventually owning "a little bit more" of the assets.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.