By Freya Berry and Barbara Lewis
LONDON, June 16 (Reuters) - Glencore GLEN.L is planning to
sell its option in a gold mine owned by Falco Resources FPC.V ,
two sources familiar with the situation said on Thursday, as the
mining group and commodities trader presses ahead with its asset
sale programme.
London-listed Glencore has appointed BofA Merrill Lynch
BAC.N to sell the 65 percent option in the Horne 5 gold
project in Quebec, the sources said, and potential buyers have
been contacted.
Falco has calculated that the undeveloped Horne 5 deposit
could have a net present value (NPV) of about $667 million,
assuming a gold price of $1,250 an ounce and certain currency
exchange conditions, according to its website.
Spot gold XAU= was up 1 percent at $1,303.91 an ounce at
1148 GMT on Thursday.
Glencore declined to comment. BofA Merrill Lynch and Falco
Resources did not immediately respond to requests for comment.