Friday, 24th June 2005 (3194 views)

A historic gold mine in Central City, Colorado, USA is to re-open after being saved by a Minneapolis-based company.

The Bates-Hunter mine, which has not been in operation for almost 70 years, is to be see investment worth US $1.2 million by Wits Basin Precious Metals.

The mine will be drained, prepared and tested, with Wits Basin believing up to nine gold veins could be contained within.

Historically, gold veins in the area have produced roughly 750,000 ounces of gold at about 600 feet below ground.

"We are going by historical records," Vance White, CEO of Wits Basin, told Rocky Mountain News.

"Until we get underground, we won't have an exact understanding what was taken out and what remains. Historically, the grades were very good, and the levels were very good.

"We feel that with underground exploration, the mine will generate a nice little resource."

The first phase will take three to six months of preparation, with the second phase then kicking in to try to locate the gold.

 

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