Wednesday, 22nd October 2008 (286 views)

Gold explorer Drake Resources has announced that it is to obtain 100 per cent stakes in several joint ventures it has previously worked on with OZ Minerals.

OZ has agreed to transfer the rights to the properties - located in Sweden and Queensland, Australia - to Drake as part of an alliance between the two firms.

Managing director of Drake, Dr Bob Beeson, said that this valuable contribution from OZ would act as a launching pad for future growth within the company.

"The projects in Sweden are now in a position to advance rapidly … gaining 100 per cent interest at this stage is a tremendous opportunity for Drake," he remarked.

The company wishes to advance its Scandinavian projects as it believes that gold ores remain in the historic Falun Mine area.

Although mainly known for its copper content, the Falun mine also provided gold. Mining is believed to have begun in the region in the 11th century, according to Mindat.org.

 

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