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December 3, 2009

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Mine shut down while ruling awaited

Tuesday, Aug. 10, 1999 | 12:09 p.m.

Mining has been suspended at Alta Gold Co.'s Olinghouse operation east of Reno.

Henderson-based Alta said mining, crushing and milling operations were temporarily suspended while the company awaits the outcome of a U.S. Bankruptcy hearing set for Aug. 31.

About 75 workers were affected by the suspension, which Alta said was necessary to conserve cash pending the hearing.

During the suspension, the company said it would continue to produce gold from heap-leach processing at both its Olinghouse and Griffon mines.

Alta announced last week that it filed a motion to dismiss its Chapter 11 bankruptcy, citing an offer from an unnamed investor to acquire a 40 percent interest in the Olinghouse mine.

The company said the sale of the interest in Olinghouse would generate enough to may an estimated $26 million to creditors.

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