Wednesday, 2nd February 2005 (2535 views)

Alcaston Mining is planning to invest AUS$26 million in order to develop a new mine project in Fiji.

The Perth based miner is interested in the Tuvatu gold mine and has reached an agreement to buy it from Emperor Mines.

Under the agreement made so far, Alcaston will pay Emperor AUS$9.7 million in cash and stock for whole ownership of the mine.

Advanced discussions have already taken place between potential financiers and Alcaston, concerning the proposed purchase and feasibility study.

Tuvatu is next to the Sabeto project and is set to become the second gold mine in Fiji.

Following a feasibility study, Alcaston is planning on spending six months developing the underground mine for around AUS$26 million.

 

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