The buyer is Preston Electrical & Mechanical Ltd. of Timmins. Subject to certain conditions being met, the deal is to be concluded by the end of June.
Giant will receive an unspecified cash consideration and retain a 2% net smelter return royalty on any production in excess of the currently defined reserves.
The Ross mine produced 21,500 oz gold in 1988. Reserves at the property were estimated to be slightly more than one million oz grading 0.125 oz gold per ton at the end of last year.
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