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Monday, 7th February 2005 (3796 views)

Ovoca Resources has announced it is in talks to sell most of its share of the Krokliden mine in northern Sweden.<br/><br/>The Irish exploration firm is in talks with Australian resources company Dragon Mine, which already owns a site on an adjacent property, according to the Times.<br/><br/>Situated 435 miles north of Stockholm, the mine is said to have 100,000 ounces of gold worth around $20 million.<br/><br/>Ovoca plans to enter into a joint venture with Dragon and the Australian firm will have to pay all the costs of developing the mine.<br/><br/>In addition, Ovoca will receive 25 to 30 per cent of the profits there.<br/><br/>Following exploration at the mine last year, Ovoca discovered high-grade gold samples and underlying rock structures similar to the site next to it.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7748176"/>

 

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