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Wednesday, 2nd February 2005 (3674 views)

Alcaston Mining is planning to invest AUS$26 million in order to develop a new mine project in Fiji.<br/><br/>The Perth based miner is interested in the Tuvatu gold mine and has reached an agreement to buy it from Emperor Mines.<br/><br/>Under the agreement made so far, Alcaston will pay Emperor AUS$9.7 million in cash and stock for whole ownership of the mine.<br/><br/>Advanced discussions have already taken place between potential financiers and Alcaston, concerning the proposed purchase and feasibility study.<br/><br/>Tuvatu is next to the Sabeto project and is set to become the second gold mine in Fiji.<br/><br/>Following a feasibility study, Alcaston is planning on spending six months developing the underground mine for around AUS$26 million.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7710072"/>

 

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