â€śWe are very pleased with the successful completion of the privatization of a full functioning gold mill facility which is very important for Kins Limited right now,â€ť
Online PR News – 04-September-2012 – Shenzhen City, China – Kins Limited is pleased to announce that it has closed the purchase of the ALP Gold Mills facility, tailings pond and some other mineral leases by making the final payment of $640,000 and $530,000 common shares at a deemed value of $0.86 per share. This purchase price includes the assumption of all debt owed by ALP Gold Mill to the Canadian Government, banks and trade creditors which is approximately $680,000.
â€śWe are very pleased with the successful completion of the privatization of a full functioning gold mill facility which is very important for Kins Limited right now,â€ť said Mr. Tao Kang, Chairman and CEO of Kins Ltd. â€śNow our main intention is to rename, relocate, refurbish and upgrade the ALP Gold Mill facility to a new location close to the mining property. We are also planning to upgrade the mill with an additional ball mill and a carbon-in-pulp circuit, to an increased capacity of 3,000 tonnes per day.â€ť
The ALP Gold Mill is a custom mineral processing plant located in the Moreau Gold Mine at western Quebec. The mill is a permitted facility currently on care and maintenance, with available accommodation in the adjacent tailings pond for possible future operations. The facility also has an electric arc furnace based gold mining station which is very helpful for mining in extremely rocky landscapes.
Moreau Gold mine is an underground operation with a strategic mine life of about 10 years. Currently Kins Ltd. is trying to maximize the profit as it has discovered most of the pits and some other studies are also in progress. Kins Ltd. believes this new facility will accelerate the production level of this mine dramatically.