Arrow-right Camera

The Spokesman-Review Newspaper The Spokesman-Review

Tuesday, October 20, 2020  Spokane, Washington  Est. May 19, 1883
Partly Cloudy Night 43° Partly Cloudy
News >  Nation/World

Pegasus To Buy Panama Mine

From Staff Reports

Pegasus Gold Inc. Monday announced an agreement to purchase up to 60 percent of a Panama mining property for $14 million in cash and exploration expenditures.

The Capira Dorada concession, owned by a private company with the same name, covers about 38 square miles eight miles southwest of Panama City.

As part of its initial investment, Spokane-based Pegasus will spend $2.1 million. Of that, $1 million will be used to complete a review of known mineralization, and to start mapping and exploration drilling.

The full 60 percent interest would be granted over six years after payment of $8 million to the owner of Capira Dorada, half of that after the start of mine construction, and $6 million on a feasibility study and project financing.

If a mine is built, Pegasus would receive 90 percent of the cash flow until its investment is repaid.

President Werner Hennecker said Pegasus is aggressively exploring the site, which shows extensive outcrops of gold mineralization.

, DataTimes

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.


American families feeling the pinch of COVID-19 pandemic

The COUNTRY Financial Security Index asked about 1,330 adult Americans in different income brackets a variety of questions, including how their finances are impacted by the COVID-19 pandemic. (Courtesy COUNTRY Financial)
Sponsored

The year 2020 hasn’t been the most forgiving year for families and their pocketbooks.