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Thursday, 17th November 2005 (3923 views)

Swedish mining group Lappland Goldminers has confirmed its purchase of the Knaften gold deposit.

Lappland's acquisition comes after three years of exploration. Under the earlier exploring contract the company had the right to void the purchase if it was not satisfied with the results.

However, this was not the case and now the area, located south of the city of Lycksele in Sweden, is said to contain the biggest known gold anomaly in lower moraine in the country.

Managing director at Lappland, Karl-Ake Johansson, said: "We see great potential in the deposit and it is clear that we should complete the acquisition. Furthermore, the price is attractive considering the possibilities we see for the area."

The move is considered part of Lappland Goldminers' efforts to move from being an exploration company to a producing mining firm.

 

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