Rupert announced on March 15, 2016 that it had signed effective that date a six month option agreement to acquire the permitted, Pahtavaara gold mine in Lapland, Finland. The purchase price of the acquisition is US $2,500,000 structured as a US $500,000 payment upon the exercise of the option (less two small US$50,000 payments upon signing and at the three month mark) and a $2,000,000 production royalty of 1.5% payable when gold production resumes. In addition, if the purchase option is exercised, Rupert must fund the environmental bond which is currently Euros 560,000.
The Pahtavaara mine is located in the Central Lapland gold belt and has been in production for 15 out of the last twenty years , with its first year of production in 1995. The mine was originally an open pit operation and then became a ramp underground mine producing 35,000 in one year at its highest production level . The mill capacity is over 1,000 of ore a day.