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Glencore plans to sell option in Falco's Horne gold project -sources

Reuters - UK Focus

By Freya Berry and Barbara Lewis

LONDON, June 16 (Reuters) - Glencore (Xetra: A1JAGV - news) is planning to sell its option in a gold mine owned by Falco Resources (CDNX: FPC.V - news) , 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 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.

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Spot gold 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.

(Additional reporting by Susan Taylor and John Tilak in Toronto; Editing by David Goodman)