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Friday, 13th August 2004 (4013 views)

Australian mining investment company Buka Minerals has revealed it is to acquire a stake in the gold assets of Gympie Gold.<BR/><BR/>Under a new deal it will acquire a 12.9 per cent share and will become a minority partner in a newly created company Gympie Eldorado Mining.<BR/><BR/>The new firm will own the Eldorado mining and exploration project in the state of Queensland.<BR/><BR/>Buka managing director John Richards told Dow Jones Newswires: "Our focus is very much on it as an exploration play. <BR/><BR/>"Gympie Eldorado Mining considers the Gympie gold field to be highly prospective and under-explored, as highlighted by successful exploration during 2003, prior to Gympie Gold entering receivership."<BR/><BR/>At present the site produces gold at a rate of 30,000 ounces a year and Buka has revealed it would be interested in eventually owning "a little bit more" of the assets.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3227474"/>

 

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