Pacific Rim Mining to acquire 65% of Hog Ranch property in Nevada
Pacific Rim Mining (TSE:PMU) said Wednesday it has signed a letter of intent with ICN Resources (CVE:ICN) and Washoe Gold to acquire a 65% interest in the Hog Ranch property located in Washoe County, Nevada.
To acquire the stake, the Vancouver-based mineral resource company must spend US$8 million for exploration and issue one million shares over the course of five years from when a definitive agreement is signed.
The Hog Ranch property, which consists of 465 unpatented claims and 239 hectares of fee lands, produced about 0.2 million ounces of gold in the late 1980s and early 1990s.
Pacific Rim said it will focus on the underground deposit potential of the Hog Ranch property, which has been historically mined for bulk near-surface, heap-leachable deposits.
The company is currently conducting due diligence and expects to sign a definitive agreement by June 1.
Pacific Rim's property portfolio includes the El Dorado, the Santa Rita, and the Zamora-Cerro Colorado projects, which are all located in El Salvador. Its shares rose by roughly 7% on Wednesday to trade at 23 Canadian cents on the Toronto Stock Exchange as of 2:59 pm EST.
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