Vancouver-based Bridger recently signed a letter of intent with Segex Ltda. of Santiago for construction of the La Pepa gold mine and mill complex in Chile. Subject to regulatory approval, Segex will have the right to earn up to a 25% interest in Bridger’s 90%-owned subsidiary Compania Minera Horus.
The capital cost of the La Pepa mine and mill complex is budgeted at $2.25 million(US) and will be deemed a loan until after technical acceptance of the mine and mill by Horus.
Segex will construct the mine and mill complex according to specifications determined by Horus and under Horus’ supervision.
Equipment will also be supplied by Segex for up to 40 months to help provide contract services. Operating costs to Horus at La Pepa are estimated to be $24.10(US) per ton.
Reserves are estimated at 240,000 tons grading 0.70 oz gold per ton. The low cost, high grade mining and milling operation could produce about 30,000 oz of gold per year upon completion.
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