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Thanks Miningnews.net

Siberia buys Bellevue

Rebecca Keenan


Monday, September 06, 2004
SIBERIA Mining Corp has taken its resource base to 1.44 million ounces with the acquisition of the Bellevue gold project in the Leinster region of Western Australia from Barrick Gold of Australia.

Siberia, headed up by Andrew Forrest, purchased the project for $50,000 and a 2% net smelter royalty. The Bellevue project has a resource of 301,460 tonnes grading 10.97 grams per tonne gold for 119,723 ounces.

The project is located 50km north of Siberia's Donegal project and 65km west of its Griffin Wells project.

The historical mine previously produced more than 750,000oz to a depth of 400m, where mineralisation was terminated by the Highway Fault. Drilling on strike to the south delineated a further region of mineralisation – the Southern Belle deposit – with drill intercepts including 6.15m at 16gpt from 389m.

The company said access to the Southern Belle lode could be gained through development of an 800m drive, dewatering and refurbishment of the existing underground workings which closed in 1997.

Siberia is reviewing data at the Donegal project and is evaluating the potential to prepare a resource estimate.

The company began production north of Kalgoorlie earlier this year and is aiming to pour around 100,000 ounces over the next 12 months from toll treatment facilities.

Shares in SMC were unchanged at 23c in early afternoon trade.