Euro-Nevada acquires Marigold interest

Euro-Nevada Mining Corp. has entered into an agreement for the acquisition of a 3% net smelter return on the Marigold mine near Battle Mountain, Nev., fo r $2,187,500 (US), decreasing to 1.75% nsr after approximately $1 million is paid out. The mine is being brought into production by Rayrock Resources, the operator, at a rate of approximately 60,000 oz gold per year.

The current mineable ore reserves under the royalty stand at five million tons grading 0.082 oz gold per ton. The royalty covers 3,200 acres (five sq miles) of land on the Battle Mountain trend and has excellent future exploration potential, Seymour Schulich, chairman, reports. Furthermore, Euro- Nevada owns 100% of 1,280 acres of land immediately adjacent to this ground. The acquisition gives the company a major exposure to the Battle Mountain gold trend.