Euro-Nevada enters RI<\/p>\n
TORONTO (Reuter): Euro-Nevada Mining Corp. Inc. said it
\nacquired an interest in the Mt. Muro project in Indonesia for
\nUS$18.5 million.<\/p>\n
It said the interest, held by a major resource company, is in
\nthe form of a deferred purchase payment based on a sliding scale
\npercentage of net smelter returns of production.<\/p>\n
Euro-Nevada said the operator of the 480-square km project
\nlocated in Kalimantan is 90 percent owned and controlled by a
\nsubsidiary of Aurora Gold Ltd. of Australia.<\/p>\n
Aurora's latest quarterly report to June 30, 1995 showed
\nproduction for the first six months was 55,000 ounces of gold and
\n1.56 million ounces of silver, Euro-Nevada said.<\/p>\n
It said the payment rate is graduated from a three percent net
\nsmelter return (NSR) at a gold price of US$325 per ounce to a
\nseven percent NSR at US$410 per ounce or more. At the current
\ngold price of US$383, the applicable rate is six percent NSR.<\/p>\n
It said the rate is effective on the first 1.5 million ounces
\nof gold and all silver produced by the operator.<\/p>\n
Mt. Muro proven mineral ore reserves at Dec. 31, 1994 were
\nreported by the operator to be in excess of 1.0 million ounces of
\ngold and 23.6 million ounces of silver, it said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/euro-nevada-enters-ri-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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