Business
Fresnillo / Newmont JV acquisition of Noche Bue...
Fresnillo / Newmont JV acquisition of Noche Bue....
About this update from Fresnillo Plc
[{"type":"text","content":"\n \n\n\n\n 15 December 2008\n\n Fresnillo plc\n (\"Fresnillo\" or the \"Company\")\n Fresnillo / Newmont JV acquisition of Noche Buena gold project in\n Mexico\n\n\nFresnillo plc, the world's largest primary silver producer and\nMexico's second largest gold producer, announces that Minera El\nBermejal, S de R.L. de C.V. (''Bermejal''), an affiliate of Minera\nPenmont S. de R. L. de C. V. (\"Penmont\") has completed the purchase\nof the Noche Buena gold project in Sonora, Mexico, from Seabridge\nGold Inc (\"Seabridge\", TSX: SEA, NYSE Alternext US: SA).\n\nBermejal and Penmont each are owned 56 per cent. by Fresnillo plc and\n44 per cent. by Newmont USA Limited (''Newmont''), a wholly owned\nsubsidiary of Newmont Mining Corporation. Penmont is a joint venture\nbetween Fresnillo plc and Newmont, whose primary investment is the\nHerradura gold mine in Sonora, Mexico which is operated by Fresnillo\nplc.\n\nThe price paid to Seabridge was US$25 million in cash at closing and\na further US$5 million is payable upon commencement of commercial\nproduction from Noche Buena and a 1.5% net smelter royalty is payable\non all production sold for US$800 per ounce of gold or greater.\n\nNoche Buena is a disseminated gold deposit amenable to open pit\nmining and is located 23 kilometres southeast of the Herradura gold\nmine. The present drill indicated resource is 600,000 ounces of gold\nand additional exploration is planned in the area. Given the\nproximity to Herradura and the development potential, the acquisition\nof Noche Buena is consistent with Fresnillo plc's strategy to\nconsolidate mining districts.\n\n\nFor further information please visit www.fresnilloplc.com or contact:\n\nFresnillo plc\n\n\n+-------------------------------------------------------------------+\n| London Office | Tel: +44(0)20 7399 2470 |\n| Octavio Alvidrez, Head of Investor | |\n| Relations | |\n|-----------------------------------------+-------------------------|\n| Mexico City Office | Tel: +52555 279 3203 |\n| Gabriela Mayor | |\n|-----------------------------------------+-------------------------|\n| Brunswick | Tel: +44(0)20 7404 5959 |\n| Patrick Handley | |\n| Carole Cable | |\n+-------------------------------------------------------------------+\n\n\nAbout Fresnillo plc\n\nFresnillo Plc is the world's largest primary silver producer and\nMexico's second l...