Monday, 24th January 2005 (3140 views)

Minco has announced it is to buy a 50 per cent stake in Minera Sisa.

Minera Sisa owns high-grade gold and silver mining properties in Mexico's Sierra Madre Mountains.

The deal is thought to be worth around $2.4 million (£1.28 million).

Minco will commit a further £2 million for funding exploration and development, and take control of Sisa's board.

Sisa's production extends to 40 million ounces of gold and one billion ounces of silver.

Minco said initial field studies show that the area has good potential to host a large-scale open pit operation.

The Salas family, who have been involved with the property since 1967, owns the other 50 per cent of Sisa.

 

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