Under an agreement with the Slovakian government, Kingston Resources (VSE) can earn a minimum 50% interest in the Banska Stiavnica mine by spending $2 million over three years.
The mine includes a 500-ton-per-day flotation mill and hoisting facilities for a lead-zinc operation which shut down last year.
President Steven Radvak said the agreement does not currently include any of the remaining lead-zinc reserves and that the company is still negotiating the final earn-in percentage.
He said 1 km of underground development has been completed on two sub-parallel vein structures apart from the base metal reserves. Recent drilling on the structures returned 1 oz. gold per ton over 20 and 30 ft. Kingston is awaiting further data and plans to fund the ongoing underground development and drilling.
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