Electra Mining's subsidiary completes acquisition.VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 19, 1994-- Electra Mining Consolidated Ltd. is pleased to report that its US subsidiary, Electra Mining Corporation, has completed the acquisition of all of the shares of Minerex Resources (US) Inc., its co-venturer in the Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. Partnership heap-leach gold mine located near Hawthorne, Nevada Hawthorne is a census-designated place (CDP) in Mineral County, Nevada, United States. The population was 3,311 at the 2000 census. It is the county seat of Mineral CountyGR6. The nearby Hawthorne Army Depot is the primary economic base of the town. . The acquisition was largely financed by a credit facility provided by N M Rothschild & Sons Limited under which a gold loan equivalent to US $3.0 million has been drawn down. Electra now owns 100% of the successful, Aurora Partnership mine which has produced in excess of 200,000 ounces of gold since 1987. Production from existing ore on heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. pads is expected to continue into 1997 and to generate cash that will allow Electra to accelerate its program of growth as a mining company. There are promising opportunities for additional production from open-pittable and underground resources at the mine and there is significant exploration potential in Electra's landholdings in the Aurora goldbelt. Electra will also be seeking other mining opportunities. Electra also announces that it has completed previously announced private placements with Aur Resources Aur Resources Inc. (TSX: AUR) is a Toronto, Ontario, Canada, based, international mining company active in the acquisition, exploration, development and mining of mineral properties. Ltd. and a director, to raise $200,000 and that Mr. Bryce M.A. Porter C.A. has joined the Board and will act as Chief Financial Officer. ON BEHALF OF THE BOARD Douglas B. Stelling President The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. CONTACT: Douglas B. Stelling, 604/685-4747 INDUSTRY KEYWORD: MINING REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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