Gold Company Expands Alaska Operations North of Fairbanks

Fairbanks, AK (AP) - The mineral rights to land north of Fairbanks has been acquired by a gold mining company, who believe there could be millions of ounces of gold in the area.

On Monday, the Kinross Gold Corp acquired the mineral rights on the more than 1-square-mile parcel after the U.S. Government transferred the land to the state of Alaska, this is according to the Fairbanks Daily News-Miner

The land was being used as a buffer for radio interference around an array of weather satellite receivers, but in 2016 NOAA announced that they no longer needed that buffer.

The parcel is west of the company's Fort Knox Gold Mine and is estimated to contain 2.1 million ounces of gold. This estimate comes out drilling by the company on the land since 2014.

Kinross plans to begin the permitting process before the end of the year and release a feasibility update in mid-2018. Until then, there is uncertainty if the land could be turned into a full mining operation.

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