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HOT is not the word. This is most definately going to be more of a long term deal, it's very true that it can take anywhere from 2 - 3 years for a gold mine to be fully producing, so, in the meantime, we should just sit back and watch the stock grow.
I think now that the first two PR's are out of the way, we'll see a nice jump. I've been seeing alot of postings and info on MGMX on every search engine imaginable. This baby is really gonna move!
hey guys any one have see this new baby!!! yet!!!!. MGMX... GOLD...Hey guys, i was doing some research on this guys from MGMX....http://www.mgmmineralresources.com/ in regard to the area that location is... and it's very interested what i got!!!!!
Production Metals
Gold.—Official gold production in 2003 more than doubled from that of 2002 to 46,515 kilograms; this was a historical high (table 1). This increase was stimulated, in part, by the increase in gold price. The largest production increases were from the Antioquia Segovia and Bolivar Departments; production in these two Departments more than tripled. Antioquia remained the leading producing department with 80%of Colombia’s gold production. The areas of Remedios and Segovia were estimated to produce from 70% to 80% of the total gold produced in the Antioquia Department. Together, the Antioquia, the Bolivar, and the Cordoba Departments produced 85% of the total (Ministerio de Minas y Energía, 2004, p. 322; Cock and López, 2001§).
Most of Colombia’s gold production was from small- and medium-sized alluvial operations, which used artisanal methods for extraction by the informal mining sector. Colombia’s largest alluvial operation was El Bagre in the Rio Nechi, which was owned by the domestic producer Mineros de Antioquia S.A. Mineros de Antioquia also produced in the Marmanto and the Zaragoza districts. In Antioquia, another domestic producer (Frontino Gold Mines Ltd.) produced gold from two vein-type mines (El Silencio in the Segovia district and Providencia in the Remedios district). El Silencio Mine has been the leading gold producer in Colombia’s mining history. The quartz-pyrite mine has minor quantities of sphalerite and galena and sometimes calcite. Scheelite and pyhrotite have been found, and gold and silver occur free or in sulfides (Instituto de Investigación Geocientífica Minero-Ambiental y Nuclear, 1999, p. 84-85).
In June, Frontino Gold transferred the abandoned Castillo Mine to the subsistence miners who had been operating in areas of El Silencio Mine. The Government came to an agreement with Frontino Gold after determining that the area where the subsistence miners had been working was unsafe. This effort was part of a project managed by Minercol (now in liquidation) to benefit subsistence miners in the areas of Remedios and Segovia (Red Latinoamericana sobre Industrias Extractivas y Desarrollo Sostenible, 2003§).
i hope that guys who are doing this be gone shortly.... this is totaly stupid.... with this company area end info we just got is better to let this baby grow...
tx i will, but also put your eyes on the info i justsend out about this guys MGMX.... THIS IS GRAET GOLD WHAT CAN THEY GO WRONG.. BUD
Privateer this one was the rist pr...
MGMX -- MGM Mineral Resource, Inc.
Com ($0.001)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
MGM Mineral Resources Begins Trading Its Shares on the OTC Pink Sheets Under the Symbol MGMX
TORONTO, May 01, 2006 (MARKET WIRE via COMTEX) -- Metro Gold Mines Mineral Resources Inc. (OTC: MGMX), a precious metal mining company focused on the development of producing properties internationally, announces that it has begun to trade its shares on the OTC Pink Sheets under the symbol of MGMX.
"We are happy to finally be trading and we feel that our exposure as a public company will only grow among investors as we begin to outline our business plan and growth strategy. There are several rich properties that MGM is interested in and I believe that in the current market climate our shareholders will be quite satisfied and maybe even a little surprised by our growth." (Ken Lamb, President)
As President of the company, Mr. Ken Lamb, possesses a strong sales and marketing background, along with extensive and diverse entrepreneurial / leadership abilities have allowed him to excel in various successful marketing, consulting and fundraising corporations. Aside from being President and Manager of several innovative companies, Mr. Lamb has served as a Professor of Academics for over twenty years and has been an instrumental key for implementing various breakthrough concepts and administrative ideas for MGM Mineral Resources. With excellent prospects all over the world, Mr. Lamb, along with Metro Gold Mines Mineral Resources are moving forward to be one of the major precious metal producers in the world.
The Company's current focus will be on acquiring and developing producing precious metal properties located in South America. It is MGM's goal to be a world-class mining company with efficiency in all areas, not only profits, but of the employees' well-being, social aid, and environmental management. The company's long-term goal is to expand and consolidate with the acquisition of other rich mines. This coupled with management's contacts and reputation in the region will allow it to assemble a world-class property portfolio years ahead of what could be accomplished and gained by outsiders.
"Our board and our company has developed a good reputation and prestige in South America and we wish to leverage on this goodwill and hopefully turn it into acquisitions that may turn out to be quite lucrative." (Jairo Giraldo, Chairman and C.E.O.)
As C.E.O., Mr. Giraldo's background is in Mining Engineering, having graduated from the National University of Colombia (Universidad Nacional) as well as certified in Mining Management with the American Management Asociation (A.M.A.). He worked for over ten years with the Ministry of Mines and Energy of Colombia, registering more than forty years of experience within the mining industry overall. Mr. Giraldo has served as a renowned professor throughout Colombian institutions, including SENA. Although his experience is quite diverse, he is a specialist with emeralds, gold, silver and platinum mines. He has been a special advisor for the Colombian government and helped establish the mining regulations that exist today within the country.
The Company is currently in the later stages of negotiations with several gold and silver mines and will announce these acquisitions once they have been fully completed, as well as obtaining all necessary mining and land rights.
About MGM Mineral Resources
Metro Gold Mines Mineral Resources S.A. is an independent precious metal mining company engaged in the acquisition and development of an impressive portfolio of exploration and production properties internationally. The Company's staff consists of economists, senior geologists, mining engineers, and experts in environmental management, all of them with extensive experience resulting in the best knowledge to explore and develop the interests of the company.
MGM's initial focus will be on the exploration and procurement of gold and silver in the richest and most traditional Colombian "gold zone." This region is comprised of the nearby municipalities of El Bagre, Zaragoza, Segovia and Remedios. The mining in this region, which is located approximately 200 kilometers from the large city of Medellin, is rich in gold and history. The emphasis in the recovery of gold dates back to the pre-Columbus period and was described by the Spanish settlers as one of the richest lands that had been discovered in the world.
Colombia is seen today as one of the countries in the region with excellent potential given the sustained growth of its economy throughout the past five decades. The growth rate and most macroeconomic variables have been recording a favorable behavior, thus promoting an excellent investment climate.
The current macroeconomic stability is to a great extent due to the growing confidence of the private sector in the work carried out by the Government to improve the security conditions throughout the national territory. The impact of these efforts has been a higher economic growth rate.
FORWARD-LOOKING STATEMENTS:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.
Contact:
Mr. Kenneth Lamb
President
905-704-8026
SOURCE: MGM Mineral Resources
Copyright 2006 Market Wire, All rights reserved.
-0-
SUBJECT CODE: Manufacturing and Production:Mining and Metals
Hey MoMo, I don't know how ugly that get ,but i will provide you with some news that really will interest you but, this is “MGMX.” BIG GOLD COMPANY JUST COME OUT IN THE MARKET..... CHECK THIS OUT BABY.. http://www.mgmmineralresources.com/ I DID THE DD ON THE AREA THEY ARE LOOK AT THIS AND YOU TELL ME..
Production Metals
Gold.—Official gold production in 2003 more than doubled from that of 2002 to 46,515 kilograms; this was a historical high (table 1). This increase was stimulated, in part, by the increase in gold price. The largest production increases were from the Antioquia Segovia and Bolivar Departments; production in these two Departments more than tripled. Antioquia remained the leading producing department with 80%of Colombia’s gold production. The areas of Remedios and Segovia were estimated to produce from 70% to 80% of the total gold produced in the Antioquia Department. Together, the Antioquia, the Bolivar, and the Cordoba Departments produced 85% of the total (Ministerio de Minas y Energía, 2004, p. 322; Cock and López, 2001§).
Most of Colombia’s gold production was from small- and medium-sized alluvial operations, which used artisanal methods for extraction by the informal mining sector. Colombia’s largest alluvial operation was El Bagre in the Rio Nechi, which was owned by the domestic producer Mineros de Antioquia S.A. Mineros de Antioquia also produced in the Marmanto and the Zaragoza districts. In Antioquia, another domestic producer (Frontino Gold Mines Ltd.) produced gold from two vein-type mines (El Silencio in the Segovia district and Providencia in the Remedios district). El Silencio Mine has been the leading gold producer in Colombia’s mining history. The quartz-pyrite mine has minor quantities of sphalerite and galena and sometimes calcite. Scheelite and pyhrotite have been found, and gold and silver occur free or in sulfides (Instituto de Investigación Geocientífica Minero-Ambiental y Nuclear, 1999, p. 84-85).
In June, Frontino Gold transferred the abandoned Castillo Mine to the subsistence miners who had been operating in areas of El Silencio Mine. The Government came to an agreement with Frontino Gold after determining that the area where the subsistence miners had been working was unsafe. This effort was part of a project managed by Minercol (now in liquidation) to benefit subsistence miners in the areas of Remedios and Segovia (Red Latinoamericana sobre Industrias Extractivas y Desarrollo Sostenible, 2003§)
hey 'privateer" look at this info that i find out in regard to the area of this guy.. let go MGMX...
Hey guys, i was doing some research on this guys from MGMX.... in regard to the area that location is... and it's very interested what i got!!!!!
Production Metals
Gold.—Official gold production in 2003 more than doubled from that of 2002 to 46,515 kilograms; this was a historical high (table 1). This increase was stimulated, in part, by the increase in gold price. The largest production increases were from the Antioquia Segovia and Bolivar Departments; production in these two Departments more than tripled. Antioquia remained the leading producing department with 80%of Colombia’s gold production. The areas of Remedios and Segovia were estimated to produce from 70% to 80% of the total gold produced in the Antioquia Department. Together, the Antioquia, the Bolivar, and the Cordoba Departments produced 85% of the total (Ministerio de Minas y Energía, 2004, p. 322; Cock and López, 2001§).
Most of Colombia’s gold production was from small- and medium-sized alluvial operations, which used artisanal methods for extraction by the informal mining sector. Colombia’s largest alluvial operation was El Bagre in the Rio Nechi, which was owned by the domestic producer Mineros de Antioquia S.A. Mineros de Antioquia also produced in the Marmanto and the Zaragoza districts. In Antioquia, another domestic producer (Frontino Gold Mines Ltd.) produced gold from two vein-type mines (El Silencio in the Segovia district and Providencia in the Remedios district). El Silencio Mine has been the leading gold producer in Colombia’s mining history. The quartz-pyrite mine has minor quantities of sphalerite and galena and sometimes calcite. Scheelite and pyhrotite have been found, and gold and silver occur free or in sulfides (Instituto de Investigación Geocientífica Minero-Ambiental y Nuclear, 1999, p. 84-85).
In June, Frontino Gold transferred the abandoned Castillo Mine to the subsistence miners who had been operating in areas of El Silencio Mine. The Government came to an agreement with Frontino Gold after determining that the area where the subsistence miners had been working was unsafe. This effort was part of a project managed by Minercol (now in liquidation) to benefit subsistence miners in the areas of Remedios and Segovia (Red Latinoamericana sobre Industrias Extractivas y Desarrollo Sostenible, 2003§).
Hey guys, i was doing some research on this guys from MGMX.... in regard to the area that location is... and it's very interested what i got!!!!!
Production Metals
Gold.—Official gold production in 2003 more than doubled from that of 2002 to 46,515 kilograms; this was a historical high (table 1). This increase was stimulated, in part, by the increase in gold price. The largest production increases were from the Antioquia Segovia and Bolivar Departments; production in these two Departments more than tripled. Antioquia remained the leading producing department with 80%of Colombia’s gold production. The areas of Remedios and Segovia were estimated to produce from 70% to 80% of the total gold produced in the Antioquia Department. Together, the Antioquia, the Bolivar, and the Cordoba Departments produced 85% of the total (Ministerio de Minas y Energía, 2004, p. 322; Cock and López, 2001§).
Most of Colombia’s gold production was from small- and medium-sized alluvial operations, which used artisanal methods for extraction by the informal mining sector. Colombia’s largest alluvial operation was El Bagre in the Rio Nechi, which was owned by the domestic producer Mineros de Antioquia S.A. Mineros de Antioquia also produced in the Marmanto and the Zaragoza districts. In Antioquia, another domestic producer (Frontino Gold Mines Ltd.) produced gold from two vein-type mines (El Silencio in the Segovia district and Providencia in the Remedios district). El Silencio Mine has been the leading gold producer in Colombia’s mining history. The quartz-pyrite mine has minor quantities of sphalerite and galena and sometimes calcite. Scheelite and pyhrotite have been found, and gold and silver occur free or in sulfides (Instituto de Investigación Geocientífica Minero-Ambiental y Nuclear, 1999, p. 84-85).
In June, Frontino Gold transferred the abandoned Castillo Mine to the subsistence miners who had been operating in areas of El Silencio Mine. The Government came to an agreement with Frontino Gold after determining that the area where the subsistence miners had been working was unsafe. This effort was part of a project managed by Minercol (now in liquidation) to benefit subsistence miners in the areas of Remedios and Segovia (Red Latinoamericana sobre Industrias Extractivas y Desarrollo Sostenible, 2003§).
ARE WE EXPECTING ANOTHER PRESS RELEASE SOON? OR WILL THEY MAKE US WAIT IN AGONY?
MGMX - Hopefully we see more and more green days over the next few weeks.
WAITING FOR A PRESS RELEASE!! SOME MORE NEWS ON LOCATION, LAND, AND $$$$ VALUE !!!
VERY TRUE! MGMX IS WORKING HARD TO GET FURTHER THAN MOST UNDER-DEVELOPED MINES - IN FACT, THEY'RE ALREADY PRODUCING, THERE IS NO NEED FOR EXPLORATION.
I love this board, Jonny. Good idea with the "daily fact" about Colombia. I still think you should post some Shakira pictures while you're at it.
I'm just waiting for the next news on this company; can't wait to see this start moving. We finished a percentage point or two in the GREEN today, I truly didnt notice until just now. More green days to come.
I think SHAKIRA should be our official mascot for MGMX. Deal?
I think most men salute Colombia for sending us SHAKIRA with those hips!
I think what everyone is really waiting for is the actual confirmation of the hard numbers.
Thats true. We already research and figure out most of the info before the releases, it's happened to me on various companies that I've been following.
$657 BABY!!!
I did a bunch of research on this area over the weekend online and found some small tibits of info:
"The northeastern region of the Central Cordillera of Colombia including, the Serranía de San Lucas, is, and has historically been, Colombia’s preeminent gold mining district. It was gold mining activity in this region that generated an accumulation of wealth in the Department of Antioquia during the 19th century and allowed the expansive industrial development of the Central Colombian region, based out of Medellín. This historic region is contained within a gold producing belt which stretches for over a 150 km from Santa Isabel in the south through Remedios and Segovia to Zaragoza, El Bagre and Caucasia in the north. The region remains a major contributor to the national production of gold and silver in Colombia."
The areas quoted are the EXACT SAME areas that MGMX is concentrating on!! Go MGMX!!
MGMX - I've been watching this one, gold is most definately the place to be in 2006. Over $650 per ounce and moving upwards and no signs of letting up.
hi guys...... bit of info....MGM Mineral Resources Begins Trading Its Shares on the OTC Pink Sheets Under the Symbol MGMX Metro Gold Mines Mineral Resources Inc. (OTC: MGMX), a precious metal mining company focused on the development of producing properties internationally, announces that it has begun to trade its shares on the OTC Pink Sheets under the symbol of MGMX. "We are happy to finally be trading and we feel that our exposure as a public company will only grow among investors as we begin to outline our business plan and growth strategy. There are several rich properties that MGM is interested in and I believe that in the current market climate our shareholders will be quite satisfied and maybe even a little surprised by our growth." (Ken Lamb, President) As President of the company, Mr. Ken Lamb, possesses a strong sales and marketing background, along with extensive and diverse entrepreneurial / leadership abilities have allowed him to excel in various successful marketing, consulting and fundraising corporations. Aside from being President and Manager of several innovative companies, Mr. Lamb has served as a Professor of Academics for over twenty years and has been an instrumental key for implementing various breakthrough concepts and administrative ideas for MGM Mineral Resources. With excellent prospects all over the world, Mr. Lamb, along with Metro Gold Mines Mineral Resources are moving forward to be one of the major precious metal producers in the world. The Company's current focus will be on acquiring and developing producing precious metal properties located in South America. It is MGM's goal to be a world-class mining company with efficiency in all areas, not only profits, but of the employees' well-being, social aid, and environmental management. The company's long-term goal is to expand and consolidate with the acquisition of other rich mines. This coupled with management's contacts and reputation in the region will allow it to assemble a world-class property portfolio years ahead of what could be accomplished and gained by outsiders. "Our board and our company has developed a good reputation and prestige in South America and we wish to leverage on this goodwill and hopefully turn it into acquisitions that may turn out to be quite lucrative." (Jairo Giraldo, Chairman and C.E.O.) As C.E.O., Mr. Giraldo's background is in Mining Engineering, having graduated from the National University of Colombia (Universidad Nacional) as well as certified in Mining Management with the American Management Asociation (A.M.A.). He worked for over ten years with the Ministry of Mines and Energy of Colombia, registering more than forty years of experience within the mining industry overall. Mr. Giraldo has served as a renowned professor throughout Colombian institutions, including SENA. Although his experience is quite diverse, he is a specialist with emeralds, gold, silver and platinum mines. He has been a special advisor for the Colombian government and helped establish the mining regulations that exist today within the country. The Company is currently in the later stages of negotiations with several gold and silver mines and will announce these acquisitions once they have been fully completed, as well as obtaining all necessary mining and land rights. About MGM Mineral Resources Metro Gold Mines Mineral Resources S.A. is an independent precious metal mining company engaged in the acquisition and development of an impressive portfolio of exploration and production properties internationally. The Company's staff consists of economists, senior geologists, mining engineers, and experts in environmental management, all of them with extensive experience resulting in the best knowledge to explore and develop the interests of the company. MGM's initial focus will be on the exploration and procurement of gold and silver in the richest and most traditional Colombian "gold zone." This region is comprised of the nearby municipalities of El Bagre, Zaragoza, Segovia and Remedios. The mining in this region, which is located approximately 200 kilometers from the large city of Medellín, is rich in gold and history. The emphasis in the recovery of gold dates back to the pre-Columbus period and was described by the Spanish settlers as one of the richest lands that had been discovered in the world. Colombia is seen today as one of the countries in the region with excellent potential given the sustained growth of its economy throughout the past five decades. The growth rate and most macroeconomic variables have been recording a favorable behavior, thus promoting an excellent investment climate. The current macroeconomic stability is to a great extent due to the growing confidence of the private sector in the work carried out by the Government to improve the security conditions throughout the national territory. The impact of these efforts has been a higher economic growth rate. FORWARD-LOOKING STATEMENTS: This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company. Source: Market Wire (May 1, 2006 - 9:32 AM EDT) News by QuoteMedia www.quotemedia.com
Hey'Jonny Falls' u r damn good with the info, did you go to the same university of "thescientist" ? .. lol
Thanks for the info, it's excellent!!! we just have to wait and see how this one moves, I guess...
Hey crazy boy 'jonesie54' i have a lot friends all over south america, and they told me that remedios and segovia is one of the more richest in gold, like the thescientist says, now in colombia, they working and the way of crafting bases.. imagine all the areas that that probably has"t touch?,, and this guy of MGMX for what i c... they are located at the perfect spot eh?..
now please someone tell me, what university this guy "thescientist went to? he is very good!! you think, that he finish the school with good marks..? cuz the info he posted was very good...
do yours own dd and do not pay taxes lol....... that what "thescienttist said.....
YEAH MAN! I SEE THAT WE FINALLY HAVE SOME MOVEMENT FROM THE COMPANY'S END OF THINGS.
bud i don't know who you are but you all ways come out... with some good shit. hopely you will b correct on the big bull$$$$$$$$..lol..... give some info PLEASE we"r getting nuts
HEY 'Jonny Falls' PLEASE, PLEASE post it immediately for all of us ......
SEMS TO BE THAT NO ONE KNOWS, YET WHO IS THE...TA... BUT YOU ARE RAIGHT.. THE FLOAT IS MOVING WELL... BUD.....
HEY BIG MAN 'flybridge' WELCOME AT BOARD!!!...THEY SAID THAT THIS GUYS WHO RUN THIS COMPANY, THEY HAVE SOME BIG FOR THIS WEEK.....
MGMX - ANYONE HEAR THE BUZZ??
http://www.mgmmineralresources.com/index.html
MGMX ... KEEP YOUR EYES ON THIS ONE. NEW BOARD, GOOD FOLLOWING!
I can only imagine that these numbers are all very preliminary? Hopefully we will start hearing some concrete news over time!!
MGMX FOR TOMORROW - CAN'T WAIT!!!
THAT'S GOOD NEWS, WILL BE NICE TO READ ABOUT THE FLOAT. GREAT POSITIVE FEEL I AM GETTING THUS FAR!!
YES BIG BOY, I DO AGREE TO THAT CHECK THIS OUT, I WAS DOING SOME DD ALL DAY ABOUT THE CONTRY AND THE AREA... OVER ALL COLOMBIA REMEMBER ARE 80% OF GOLD PRODUCCION THAT MAY WORTH BILLIONS TAHE LOOK AT THIS:NEWS BRIEF SEARCH RESULTS
Tuesday, November 22, 2005
CAMBRIDGE MINERAL RESOURCES PLC
Colombian miner Frontino Gold Mines (FGM) is developing a program to increase "and maybe double production," company executive John Jairo Cuervo told BNamericas. The immediate plan is to raise plant throughput to an average of 800t/d from 450t/d, and increase gold production to 70,000oz or 80,000oz/y from the current 50,000oz/y, Cuervo said. FGM also said it is moving forward with a confidentiality agreement with UK company Cambridge Mineral Resources for a possible buyout once the Colombian firm completes its restructuring process.
(See BNamericas: Frontino looking to double gold output)
hey jerseygirl, yes i will like 2 belevie, that may be will be very, very interesting week at MGMX... GOLD... PLUS... LAND...PLUS.. RESERVE..= A LOT MONEY.. HONEY....
AND MAY BE SOME MORE NEWS... = INVESTOR.....
MEAN GOING UP..... THIS GUY WHO WHATEVER ARE, BASE ON WAT THEY HAVE THEY GOT MAKE IT!!!!.... I WILL KEEP EYES OPEN TO THIS THAT IS FOR SURE...
DO UR DD. ANY WAY....
guys i did some resources in this new company MGMX in the erea... where they are in this is the info.. base on 2 thinkgs.
http://www.mgmmineralresources.com/executive_summary.html
(1) MGMX is located at segovia and antoquia town very, very near of FORMALY FRONTINO'S MINES SINCE THEY ARE FROM THE 18 CENTURY'S.... THAT SOULD TELL US SOME AND GUESS WHAT C THE FOLLOWING INFO I GOT....
GOLD RESOURCES AND GEOLOGIC POTENTIAL
OF THE
ORONORTE PROJECT AREA
SEGOVIA- EL BAGRE GOLD DISTRICT)
ANTIOQUIA, COLOMBIA
_________________________________________________________
INTRODUCTION
Through an exclusive 100% purchase of property and titles-agreement, the Grupo de Bullet S.A. has recently acquired the Oronorte Gold Project from Fischer-Watt Gold Co. Inc. This purchase, which pertains to the El Limón Mine and surrounding mineral titles, all milling and extraction plant facilities, the entire 15 year mine production-exploration database, and over 100,000 ounces of in situ proven reserves cedes to the Grupo de Bullet S.A. over U.S.$ 4 million dollars in mine and infrastructure assets and reserves. The purchase places the Grupo de Bullet in a position in which, for an approximately $US 1.5 million dollar investment in upgrading and development, it could rapidly be producing upwards of 30,000 oz troy Au annually from the El Limón Mine alone.
Additionally, Grupo de Bullet S.A. has been granted title to approximately 10,000 ha of surrounding exploration permits by the Colombian Secretary of Mines, which when combined with the mining titles and exploration information acquired through the above purchase, places an additional multi-million ounce Au resource base, (including almost 400,000 ounces Au in indicated reserves) within a 15 km radius of the El Limón Minesite, at Grupo de Bullet’s disposal. A plan has been conceived which could, based upon the infrastructure of the El Limón minesite, double the Oronorte project’s gold production.
CLICK HERE TO SEE A
LOCATION AND CLAIM MAP FOR BULLET'S ORONORTE PROJECT,
ZARAGOZA, ANTIOQUIA,SEGOVIA COLOMBIA
CLICK HERE TO SEE A
PANORAMIC VIEW OF THE EL LIMON MINE, MILL AND PLANT AREA,
ZARAGOZA, ANTIOQUIA, COLOMBIA
GEOGRAPHIC LOCATION & ACCESS
The project is located at the northern end of Colombia’s Central Cordillera, three km south of the town of Zaragoza in the northeastern portion of the Department of Antioquia. Access from Medellín, is by mostly paved road through Remedios and Segovia to Zaragoza (280 km, 10 hours) or by 40 minute daily commercial flight from Medellín to El Bagre, and hence from El Bagre along secondary roads and the Nechi River to Zaragoza, the mine area, and the other known prospects.
REGIONAL PRODUCTION HISTORY
The northeastern region of the Central Cordillera of Colombia including, the Serranía de San Lucas, is, and has historically been, Colombia’s preeminent gold mining district. It was gold mining activity in this region that generated an accumulation of wealth in the Department of Antioquia during the 19th century and allowed the expansive industrial development of the Central Colombian region, based out of Medellín. This historic region is contained within a gold producing belt which stretches for over a 150 km from Santa Isabel in the south through Remedios and Segovia to Zaragoza, El Bagre and Caucasia in the north. The region remains a major contributor to the national production of gold and silver in Colombia.
The northeastern Antioquia region contains some of the longest-lived gold mines in Colombia. Some of these operations include:
Mineros of Antioquia, formerly Pato Gold Mines de Colombia Ltda., (an early facet of Placer Development Inc.) has operated since 1906. Mineros of Antioquia mines the auriferous alluvial deposits of the Nechi River. This general region (known as the "Lower Cauca region") has produced over 25 million ounces of alluvial, colluvial and in situ gold.
Frontino Gold Mines Ltda. have been active in the Segovia and Remedios regions for almost 160 years, principally mining high-grade mesothermal vein deposits (a partial source of the Lower Cauca alluvials). Tese areas have recorded production on the order of 8 million ounces troy Au, about half of which has come from a single vein system, the "El Silencio", which has produced over 4 million ounces Au. Frontino presently mine from the "El Silencio", and "Providencia" vein systems.
Choco Pacifico Mining Co: Anglo American’s Colombian operations, active until the 1960’s were focussed upon alluvial platinum and gold production in the Choco, and the mining of numerous high-grade vein occurrences around Remedios and Zaragoza. They produced well over one million ounces in their operations, including about 150,000 ounces Au from the El Limón Mine at Zaragoza (as detailed below).
The Remedios through El Bagre, including the Oronorte area, remains a highly active artisanal and semi-mechanised alluvial, colluvial and hardrock-vein mining region, and accounts for a good percentage of the zones gold production. Miners work as highly efficient and organized groups with investments in operations that reach approximately US$600,000 in equipment (bulldozers, backhoes etc.), extracting gold using a variety of gravity circuits commonly combined with rather crude mercury and cyanide extraction techniques. These "informales" as a rule do not comply with the national environmental legislation or the Colombian mining code.
GEOLOGY and MINERALISATION
The northeastern Antioquia region is underlain by rocks of primarily Precambrian, Paleozoic and Jurassic ages, and is divided by a series of major fault zones belonging to the Palestina-Bagre-Nus-Otu system. The Precambrian rocks include quartzo-feldspatic gneiss containing sporadic lenses of amphibolite and marble. The amphibolites are observed as foliaform lenses possibly representing deformed sills or dykes. The Paleozoic rocks are observed to occur over extensive areas, especially to the west of the Otu Fault, and include intercalated quartzites, marbles, and quartz-sericite (locally graphitic) and chlorite schists, all of upper greenschist metamorphic grade. To the south and east the quartzites are intruded by the polyphase, calc-alkalic Jurassic Segovia Batholith of dioritic through granitic composition. To the east of the Otu Fault, the left-lateral El Bagre Fault separates rocks of the Segovia Batholith from Proterozoic gneiss and migmatite farther east. Intercalated, unconsolidated Tertiary and Quaternary sands, gravels and clays partially cover the area, lapping onto the low ridges of the western Serranía de San Lucas. These sediments are widely exploited for their contained alluvial-colluvial gold.
The regional structural geology is dominated by the Otu-Bagre fault system, a series of important crustal-scale, left lateral strike-slip structures which strike broadly north-south. These faults separate at least two allocthonous continental megaterranes comprised of slivers and fragments of the Guiana Shield, demarcating a Proterozoic accetionary complex. Vestiges of the actual suture zones are indicated by the occurrence of serpentinites and deep oceanic meta-sediments along these structures. Reactivation of the structures during subsequent orogenic events in the Andean region of Colombia generated adequate structural and rheological conditions which allowed for widespead magmatic emplacement, the circulation of hydrothermal fluids, and mineral deposition in associated transtensional regimes.
Mineralisation in the historic Remedios – Segovia – Zaragosa gold belt is controlled by the Otu Fault, which at this latitude strikes N10W. To the south, in the highly productive Segovia and Remedios gold camps, abundant mineralisation is contained within second-order structures associated with a N30W flexure in the Otu Fault. A similar flexure is observed at the El Limón mine and within the Oronorte Project area in general. Mineralisation is hosted within all of the rock-types underlying the northeastern Antioquia region, as described above.
The style of gold mineralisation throughout the region is generally mesothermal, characterised by high-grade, quartz-dominant poly-event vein systems hosted within first, second and third-order dilatencies and joint sets associated with major structural breaks. Veins host 2 to 20% mixed base metal sulphides (pyrite, pyrrhotite, sphalerite, galena, chalcopyrite) and native gold. Silver – gold ratios range from 0.5 to 2 to 1, and minor telluride minerals are not uncommon. Alteration is developed in broad halos about the structural breaks, and is dominated by regional propylitisation and carbonitisation containing concentrated zones of pyritic or pyrrhotitic sulphidation and silicification related to gold mineralisation. Grade – depth continuity of mineralisation is one of the striking features of the vein deposits of the region. The El Silencio vein, for example has been mined continuously for over two km along strike and two km down dip (to level 38), and production continues.
RESOURCE DEVELOPMENT AT ORONORTE
EL LIMON MINE
The historic El Limón Mine was discovered by H. Von Stauffen, who, in 1939, compiled the first exploration report for the Minera Timmins Ochali Company of Montreal, Canada (this same company exploited the Berlín Mine, Antioquia between 1920 y 1932 and produced ca. 500,000 oz Au). Between 1948 and 1961 El Limón was exploited by the Choco Pacifico Co. (Anglo American) who developed five levels from the current zero level via room and pillar methods, and produced about 150,000 oz Au. Subsequently, Mr. Von Stauffen worked the mine intermittently until 1975.
In 1986 Greenstone Resources Inc., a Toronto, Canada-based company, initiated exploration below the zero level and via the development of a shaft and a drilling program outlined new reserves. They built a 120 ton/day plant which through crushing, milling and floatation produced metallic concentrates grading 500 to 800 g/ton Au, and containing an equal amount of Ag with minor Pb, Cu, and Zn. When Fischer-Watt Gold Co. Inc. acquired the operations in 1995, a cyanide circuit was installed (allowing Au recoveries of +90%) and doré was produced on-site. Greenstone – Fischer Watt production totaled approximately 56,000 oz Au.
The El Limón Mine has been developed on six levels. It has been worked down to the fifth level and a portion of level six has been exploited through short declines from the fifth level. The mine has the handling capacity to deliver 80 ton/day to the mill, limited by multiple ore handling problems. However, the outfitting of an existing, but out of service, 370 meter-long decline that connects level zero with level six, will allow for the rapid delivery of 200+ t/day of ore directly to the plant. Present mill and plant capacity (ca. 100 tpd) can rapidly be expanded to meet this increase.
Based upon drilling results and underground development to mid-1997, an independent audit of the EL Limón resource base by Watts, Griffis and McOuat, Lakewood, Colorado, indicated proven and probable reserves of 156,674 t @ 15 g Au/t (+75,000 oz Au). Based upon additional drilling and underground development to Dec., 1999, Fischer Watt placed indicated reserves at 197,230 t @ 16.5 g/t (+100,000 oz Au, see table below).
Potential for depth continuity of the El Limón mineralisation, as seen at El Silencio, Segovia, is excellent. Based upon structural modeling carried out at El Limón by consulting geologist Craig Byington, drilling completed by Fischer Watt in the Juan Vara sector of the vein system some two km south from the present mine workings, intersected 40 cm of mineralised structure averaging 43 g Au/t.
...............................................................Assuming the structure extends to 500 meters depth (as seen in many mines in Segovia and Remedios), one million ounces of Au resources can be envisioned. Additionally, as presented above, excellent bulk-mineable potential within the El Carmen granitoid body has yet to be fully exploration tested.
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GOLD RESERVES AT ORONORTE AS OF DECEMBER 31, 1999
AREAS WHERE RESERVES HAVE BEEN MEASURED
CATEGORY
EL LIMON( TOWN OF SEGOVIA)
G/TON
THE RESOURCE POTENTIAL
The marked historic through modern-day interest of a wide range of gold exploration and production companies, including Placer Development Inc., Anglo American Gold, TVX Gold, Latin Gold Inc., Metallica Resources Inc., Procoloro Ltd., Fischer Watt Inc., Greenstone Resources Ltd., and Dual Resources Ltd., and numerous private Colombian national companies, is indicative of the potential of the Oronorte project area. With respect to the overall gold potential of the region two indisputable facts must be born in mind:
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The region reports multi-tens-of-million-ounce gold production, historically second to none, anywhere in Latin America.
...............................................................In the region there exist numerous undeveloped gold showings which support a vibrant artisanal mining scene within a gold-prolific geologic framework, which has, from a modern-day standpoint, scarcely been reconnoitered.
Adn this all in SEGOVIAS town.
Geologically, the Palestina (Otu-Bagre-Nus) fault system structurally controls a gold mineralizing system of over 500 km in strike length, extending from the central portion of the Central Cordillera, between Tolima and Caldas through northern to Antioquia. Hydrothermal gold and polymetallic mineral manifestations are well known throughout this region. Many have extensive production histories, others remain simple manifestations or prospects, with undefined potential.
Aside from the key Oronorte projects discussed above, numerous additional gold showings are found in the Oronorte – Segovoia rea, many of which are located within the Oronorte claim area. Most of these prospects have only received superficial investigation which indicate they definitely warrant further exploration. They include, from south to north beginning in the region of Machuca:
Correa, La Aparecida y La Botella east of the Otu Fault within the municipality of Machuca.
El Hatillo: Mineralisation around a stock of dioritic composition. Numerous mineralized veins (pyrite, chalcopyrite, galena, sphalerite, bornite, Au, Ag) are being exploited by artisanal methods. There are traces of old underground exploitation with Au values, suggesting the potential for the existence of bonanzas.
El Veinte - La Aurora - La Silva: Apparently these areas occupy the same structure which can be traced between El Veinte and El Diecisiete in the La Clarita sector, north from La Aurora. Underground mapping and systematic sampling of the El Veinte and La Silva sectors indicate the presence of several parallel veins separated by one to ten meters that possibly join together into one vein at depth. Presently an 80 cm vein averaging 14 gr Au/ton is being exploited by artisanal methods, with production nearing 2000 oz/year.
Los Chorros, two km east of the Otu Fault is hosted in graphitic schists. There are quartz veins with mixed sulphides and free gold, known to extend over 300 meters. Sampling indicates values of 10 to 20 gr/ton Au in veins 40 to 50 cm in width.
At San José in the eastern block of the Out fault, there is a 30 to 50 cm quartz vein with values up to 30 gr/ton Au. Current development includes a decline of 70 metres on the quartz vein and minor level development in the richer areas.
La Amada, El Saltillo, Oro Verde, La Estrella: A quartz vein hosted in amphibolite gneiss within the western block of the Otu Fault, with mining development in 3 levels over 120 meters, returns geological values of 12 gr/ton in a vein of 20 cm width. The geological model for this area of mineralization (parallel echelon veins), indicates that the La Estrella vein could very well correspond to a vein which was drilled from a station on Level 3 of the mine, located 180 meters above the back of the Oronorte vein.
SUMMARY
In view of the existing mine and infrastructure facilities at the Grupo de Bullet’s Oronorte Project, including the El Limón Mine, El Carmen, and various surrounding prospects, the potential to rapidly and cost-effectively be producing 30,000+ ounces Au per year is observed. This capacity is presently limited only by the existing mill-plant facilities, and could be increased significantly through their expansion. Within the El Limón and El Carmen areas alone, the project hosts "Indicated" reserves of almost 400,000 ounces Au, over 250,000 ounces of which are in the "Proven and Probable" categories.
With respect to the exploration and development potential of the Oronorte region, the recent conclusions (May, 2000) of independent Bogotá-based geologist, Hector Vargas C., (ex-Dual Resources-Greenstone Resources-Frontino Gold Mines-Metallica Resources-Latin Gold Ltd. Project Manager) are indicative of the potential scale of the Oronorte project and the Zaragoza region in general. He states;
"I consider that the known gold occurrences between Machuca and El Carmen, many of which are contained within the area of the Oronorte Project presently held by the Grupo de Bullet S.A., have the potential to host on the order of 10 million oz of recoverable gold. Taking into consideration the region's history of gold production and the style of mineralisation, this figure may be viewed as conservative. Combined with the fact that the area has never undergone any detailed or systematic exploration, and that the mines and prospects documented to date are all located within two km from the only major road that transects the region, there are certainly numerous gold occurrences which remain to be discovered".
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ANY WAY DO YOU OWN D.D... STILL.. I DID MY... IN SURE ABOUT THIS NEW " MCMX.... LET WAIT AND SEE IT MONDAY......
hey eom7,
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"THE MINERAL INDUSTRY OF COLOMBIA":
Instituto de Información e Investigación Geocientífica Minero-
Ambiental y Nuclear
Diagonal 53, No. 34-53
Santa Fe de Bogotá, D.C.
Telephone: (571) 283-0797
Fax: (571) 283-0797........
Historically, Colombia has been recognized as an important
producer and the "world"s leading exporter of emeralds. In
addition, it produced a significant amount of "gold" of 80% of reserved on the world,And is among others.
the largest producers in the world.
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DO THE DD.....BUD YOU WILL SORPRISE.....
I HEARD THAT THEY COMING WITH SOMETHINKG VERY BIG ON THIS ONE..
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WOW! THE BOARD JUST OPENED AND WE ALREADY HAVE A MASCOT?