MIHL company MTG CONSOLIDATED MINING reports on its property.
MTG CONSOLIDATED MINING, SUBSIDIARY OF MONTAGUE INTERNATIONAL HOLDING, LTD (OTC: MIHL), REPORTS ON ITS EL RINCON PROHIBODO PROPERTY IN PERU
05/01/2014
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OTC Disclosure and News Service
History:
MTG CONSOLIDATED MINING INC., (A MIHL Group Company) 100% owner of Sociedad Minera Baya of Lima Peru. Minera Baya owns and operates a gold mining project known as El Rincon Prohibodo.
Tellur, a prominent Russian company specializing in Geophysical, Geochemical & Geological Exploration, conducted the Geological Study. Visit their company website: tellur.org/English for more information. The geological reports indicate that the rock formations found within the studied area are common to the remaining concession not studied. The estimated mineral reserves identify 4 different veins in the surveyed area. The geological study revealed approximately 113,940 metric tons with an average extraction yield of 10.28 grams of gold per ton. Assuming $41.00 per gram of gold, the studied area may have an approximate value of $48,023,431 million USD dollars of extractible resource. This estimated valuation represents less than 5% of the total mining concession area that has been surveyed to date. Applying the same metrics to the remaining 95% of the claim results in an extrapolated value of $912,445,189.
Subsequently in the fall of 2013, Tellur North-East L.L.C., an independent firm, prepared a JORC Compliant Report on a part of the 5% of the mining area that was initially studied. Revealed In less than 2% of the area that was studied for this report, the total gold resource indicates 9,259 troy ounces of gold.
The claim area, representing 10 square kilometers, is registered with the Government of Peru and properly permitted for extraction and export. There are 40 plus years remaining of extraction potential.
Update - April 2014:
Dundee Sustainable Technologies, a Canadian company that specializes in the hydrometallurgical process for the extraction of precious metals from ores, analyzed a 20.6 kg ore sample from El Rincon Prohibido. Results indicate 80.5 grams of gold per ton was derived from this sample.
Susanne Howarth, CEO & President of MIHL, "The results from this most recent sample testing were not a total surprise. Peru is one of the most mineral rich countries in the world and the assay test conducted by Dundee provides further indication that the value of El Rincon Prohibido can be well over $1 billion US Dollars. No gold has been extracted besides test bores and sample shipped to Dundee. We are very excited about the value that this project will bring to MIHL for our shareholders and anticipate mining will begin this spring or early summer."
For more information visit: www.mtgconsolidatedmining.com
About MTG Consolidated Mining Incorporated:
MTG Consolidated Mining Inc. was incorporated for the purpose of developing Gold Mining opportunities in the Republic of Peru. MONTAGUE INTERNATIONAL HOLDING LTD. (MIHL) owns 50.1% stake in MTG Consolidated Mining Inc. that has acquired 100% stake in Sociedad Minera Baya of Lima Peru. Minera Baya owns and operates a gold mining project known as El Rincon Prohibodo.
