AI
Monday, September 16, 2019 1:07:53 PM
Gran Colombia to spin off Marmato gold project -
Cecilia Jamasmie | September 16, 2019 | 8:30 am Exploration
Intelligence Latin America Gold
The Marmato project is located in the heart of the Middle Cauca gold
district. (Image courtesy of Gran Colombia Gold)
Canada’s Gran Colombia Gold (TSX:GCM) has decided to spin off its
Marmato project, in the country’s department of Caldas, into a separate
listed company to generate the funding required for ongoing
exploration, development of an underground mine and the expansion of
operations.
The Toronto-based miner, which will retain a major stake in the new
company, said expected work at the asset included the construction of a
new processing plant and additional tailings storage facilities to
support an increased level of production.
THE CANADIAN MINER WILL RETAIN A MAJOR STAKE IN THE NEW COMPANY WHILE
LEVERAGING THE CAPITAL MARKETS TO PROVIDE FURTHER FUNDING.
Gran Colombia is nearing completion of an underground mine expansion
study at Marmato, first announced in 2017 and expects to file a
preliminary economic assessment before the end of the year.
“Immediately thereafter, we will proceed with the prefeasibility study,”
executive chairman Serafino Iacono said in the statement.
“We are excited to be in a position to see a path forward to develop
this world class deposit and to begin to get a return on investment for
our shareholders.”
As part of the proposed mine plan, the company will look to optimize
mining activities in the upper existing mine,
which produces 24,000-to-26,000 ounces a year of gold.
It will also aim at increasing production and reducing cash costs.
Gran Colombia plans to concurrently begin development of
the Deeps mineralization underneath the current mine for a modern,
mechanized mining operation.
The company acquired Marmato, in the heart of the Middle Cauca gold
district, in 2011, through a merger with Medoro Resources.
The underground gold mine is expected to have a minimum 12-year
productive life, generating over 1.5 million ounces of the precious
metal during that time.
Rocky road
In the last decade, the project has been plagued by controversy.
Residents of the 500 year-old Marmato town, mostly opposed the miner’s
intention of flattening a mountain to create an open pit.
That is no longer an issue, as Gran Colombia has opted for underground
mining at Marmato.
The property has also been unlawfully occupied.
The first group of illegal miners took over the area in 2016, blocking
roads and costing Gran Colombia $2 million in daily losses.
In 2017, the miner filed a $700 million lawsuit against Colombia,
under the Colombian-Canadian free trade agreement, after
the government ordered the company to cease operations at
the El Burro site in Marmato, requesting further consultation with
locals.
The asset is located in a region that has been exploited since pre-
Colonial times by the Quimbaya people.
The Spanish colonists assumed control of the zone’s mines in 1527 and
the area has been in almost continuous production ever since.
Marmato’s known riches were key to support the cause of Simon Bolivar,
a revolutionary leader who liberated much of South America from
Spanish rule.
According to historians, Bolivar used the mines as collateral with
British banks to secure funding for a war of independence against
Spain.
https://www.mining.com/gran-colombia-to-spin-off-marmato-gold-project/
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
Cecilia Jamasmie | September 16, 2019 | 8:30 am Exploration
Intelligence Latin America Gold
The Marmato project is located in the heart of the Middle Cauca gold
district. (Image courtesy of Gran Colombia Gold)
Canada’s Gran Colombia Gold (TSX:GCM) has decided to spin off its
Marmato project, in the country’s department of Caldas, into a separate
listed company to generate the funding required for ongoing
exploration, development of an underground mine and the expansion of
operations.
The Toronto-based miner, which will retain a major stake in the new
company, said expected work at the asset included the construction of a
new processing plant and additional tailings storage facilities to
support an increased level of production.
THE CANADIAN MINER WILL RETAIN A MAJOR STAKE IN THE NEW COMPANY WHILE
LEVERAGING THE CAPITAL MARKETS TO PROVIDE FURTHER FUNDING.
Gran Colombia is nearing completion of an underground mine expansion
study at Marmato, first announced in 2017 and expects to file a
preliminary economic assessment before the end of the year.
“Immediately thereafter, we will proceed with the prefeasibility study,”
executive chairman Serafino Iacono said in the statement.
“We are excited to be in a position to see a path forward to develop
this world class deposit and to begin to get a return on investment for
our shareholders.”
As part of the proposed mine plan, the company will look to optimize
mining activities in the upper existing mine,
which produces 24,000-to-26,000 ounces a year of gold.
It will also aim at increasing production and reducing cash costs.
Gran Colombia plans to concurrently begin development of
the Deeps mineralization underneath the current mine for a modern,
mechanized mining operation.
The company acquired Marmato, in the heart of the Middle Cauca gold
district, in 2011, through a merger with Medoro Resources.
The underground gold mine is expected to have a minimum 12-year
productive life, generating over 1.5 million ounces of the precious
metal during that time.
Rocky road
In the last decade, the project has been plagued by controversy.
Residents of the 500 year-old Marmato town, mostly opposed the miner’s
intention of flattening a mountain to create an open pit.
That is no longer an issue, as Gran Colombia has opted for underground
mining at Marmato.
The property has also been unlawfully occupied.
The first group of illegal miners took over the area in 2016, blocking
roads and costing Gran Colombia $2 million in daily losses.
In 2017, the miner filed a $700 million lawsuit against Colombia,
under the Colombian-Canadian free trade agreement, after
the government ordered the company to cease operations at
the El Burro site in Marmato, requesting further consultation with
locals.
The asset is located in a region that has been exploited since pre-
Colonial times by the Quimbaya people.
The Spanish colonists assumed control of the zone’s mines in 1527 and
the area has been in almost continuous production ever since.
Marmato’s known riches were key to support the cause of Simon Bolivar,
a revolutionary leader who liberated much of South America from
Spanish rule.
According to historians, Bolivar used the mines as collateral with
British banks to secure funding for a war of independence against
Spain.
https://www.mining.com/gran-colombia-to-spin-off-marmato-gold-project/
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
My opinions are my own and and DD I post should be confirmed as unbiased
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