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Thursday, 25th September 2008 (3537 views)

Western Sierra Mining has announced that it has entered into a lease option agreement with Pine Creek Mining to run the Gold Basin Placer project in Arizona.

The two firms have been collaborating over the last few months to prepare the mine for operations and improve the surrounding infrastructure.

Michael Chaffee, the chief executive and president of Western Sierra, remarked: "We should complete the current mine site upgrade plan over the next two to three weeks and will commence immediate production."

His firm have also been given the option to buy the mine under the new agreement. The site has proven reserves of over 150,000 ounces of gold with estimated reserves of 300,000 ounces.

In other mining news, Q-Gold recently revealed that it had entered into a purchase option deal for three prospects in Arizona.

It also announced that a de-watering programme at the Foley Gold Mine in Ontario had reached the 170 ft level.

 

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