Monday, 7th February 2005 (2492 views)

Ovoca Resources has announced it is in talks to sell most of its share of the Krokliden mine in northern Sweden.

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.

Situated 435 miles north of Stockholm, the mine is said to have 100,000 ounces of gold worth around $20 million.

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.

In addition, Ovoca will receive 25 to 30 per cent of the profits there.

Following exploration at the mine last year, Ovoca discovered high-grade gold samples and underlying rock structures similar to the site next to it.

 

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