Monday, 21st July 2008 (537 views)

General Properties has announced it is to acquire 70 per cent interest in the Yarnell gold mine property.

The news comes following a joint venture deal signed between the company, CaNac Resources and Yarnell Mining.

General Properties will pay $3.7 million to buy the stake in the Arizona mine over time.

Yarnell gold mine has not been in operation since the late 1990s when Bema Gold worked it.

It is located in the Weaver Mountains of Yavapai Country and covers five patented lode claims and 48 unpatented lode claims across around 900 acres.

"Management of the corporation believes that the transaction presents an opportunity to further develop the corporation as an exploration and production company focused on precious and base metals," said General Properties.

In other news, armed men have raided a gold mine in the southern Philippines which owned by Australian company Indophil Resources. The company said no one was injured.

 

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