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Thursday, 26th March 2009 (3504 views)

Gold mining company Troy Resources has announced the acquisition of the Casposo deposit in Argentina.

A deal has been reached with Intrepid Mines that will see Troy take full control of the site, which is located in the San Juan province of the country.

It will be the Australian firm's third South American project and an existing gold plant being held in storage is to be used to fast-track the beginning of production.

Chief executive of Troy Paul Benson explained that Intrepid's feasibility study identified a gold rich open cut that could feed mining for four years and that exploration would continue.

"The province of San Juan has a very supportive attitude to mining and we look forward to working with the local regulators and communities to bring the mine into production as soon as possible," he added.

According to Troy, the cost of the acquisition was $20 million (£13.7 million), with a further $2 million to be paid six months after production begins.

Last month, the firm announced that gold production increased 66 per cent in the second half of 2008, compared to the same period in the previous year.

 

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