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Japanese firm to acquire mines

NNBW Staff

Apollo Gold Corp., the Denver-based company that owns the Florida Canyon and Standard mines about 45 miles southwest of Winnemucca, said last week it struck a deal to sell its Nevada operations to a Jipangu Inc.

of Tokyo.

Terms of the proposed transaction weren’t disclosed.Apollo didn’t say when the sale is expected to close after Jipangu completes its due-diligence studies.

Florida Canyon last year produced 73,000 ounces of gold at a cash cost of $362 an ounce.

The Standard Mine is beginning production this year.

Jipangu Inc.

also took a 9.5 percent equity stake in Apollo Gold, which has operations in Montana and Ontario in addition to its Nevada mines.


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