The agreement gives Battle Mountain the option to purchase 35,332 shares of Inti Raymi stock for $3 million and 400,000 Battle Mountain shares or the cash equivalent. If Battle Mountain exercises the option, it will purchase the Inti shares for $15.75 million plus 150,000 Battle Mountain shares. The option expires March 31, 1990.
Inti Raymi produces 40,000 oz of gold per year at its Kori Kollo mine in Bolivia, but plans to increase annual output to 60,000 next year. Battle Mountain is currently testing the property for deeper sulphide mineralization.
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