InvestorsHub Logo
Post# of 19299
Next 10
Followers 437
Posts 18501
Boards Moderated 0
Alias Born 09/10/2000

Re: None

Friday, 10/19/2012 8:46:01 AM

Friday, October 19, 2012 8:46:01 AM

Post# of 19299
Mariana Resources completes diligence at Condor de Oro

7:48 am by Philip Whiterow

Mariana has pledged to spend US$12.5 million on exploration within four yearsMariana has pledged to spend US$12.5 million on exploration within four years

Mariana Resources (LON:MARL TSE:MRY) will go ahead with its earn-in option for the Condor de Oro project in Northern Peru after due diligence was completed satisfactorily.

The Latin America-focused explorer has been granted options to earn up to 51% of two properties – Pucayacu, which is prospective for gold and copper and the Yuracyacu, where copper and silver are being targeted.

Mariana has pledged to spend US$12.5 million on exploration within four years as well as pay the current holder, Canadian group Condor Resources, US$2.5 million for each property.

The 102 sq km Condor del Oro project is located in the Cordillera del Condor in northern Peru, one of the most significant underexplored gold-copper belts in South America, and approximately 130km southwest of Kinross' Fruta del Norte gold deposit.

Mariana described the option as a potential 'company-maker' when it first announced the deal two weeks ago.






Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.