Amax acquires 100% of Hayden Hill

For the sum of $14.9 million, Amax Gold (TSE) has acquired the remaining 40% interest in the Hayden Hill gold venture from a subsidiary of U.S. Gold (NASDAQ). Completion of this purchase gives Amax 100% ownership of the property near Susanville, Calif. “The acquisition will add about 600,000 oz. of gold to our current reserve base,” said Timothy Haddon, president and chief executive officer.

Ore reserves for the Hayden Hill project are currently 45.3 million tons at an average grade of 0.03 oz. gold per ton. Haddon expects the added reserves will “result in an increase of approximately 60,000 oz. of gold to Amax Gold’s annual production when the project comes on line in 1992.”