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Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): CEO of Consolidated Mining and Minerals Travels to Denver, Colorado to Negotiate Partnership With Panama Mining of Golden Cycle
May 23, 2007 11:01:00 AM
CORAL GABLES, FL -- (MARKET WIRE) -- 05/23/07 -- Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): Mark D. Klok, Chief Executive Officer of Consolidated Mining and Minerals (www.consolidatedmining.com), visited Denver, Colorado to join the world renowned Geologist Lee R. Rice, P.E. (Colorado #12894) and conference with the principals of Panama Mining of Golden Cycle ("PMOGC") to negotiate a partnership which would allow for SBMI to join a syndicate of participating mining companies in Panama. This partnership would allow the company to achieve production within two continents and maintain year round placer production despite seasonal difficulties with weather conditions in Africa. This Panamanian portfolio is planned to be operated by Consolidated Mining and Minerals on behalf of several private and public companies under a syndicate that will be mandated to complete an extensive exploration program on the 100+ square miles of placer, paleoplacers and vein deposits.
Extensive placer gold resources occur in stream channels and stream banks in addition to offshore marine deposits within concessions held by Panama Mining of Golden Cycle, Inc. in the Santa Fe District, Veraguas Province, Panama. Placer mining has been carried out more or less continuously in this area for over 500 years. Vein deposits and paleoplacers also are known to exist within the concession area, but their potential has not been included in this preliminary resource estimate complied by Mr. Lee R. Rice, P.E.
Mr. Rice stated, "This property has the potential of world class placer status." This is reflected in his Data Technology Services resource estimate report dated October 28, 2006. That report shows the total recoverable gold resource of the "PMOGC" concessions is 6,459,000 ounces (200,891 kg) with a current value in excess of $3.23 billion.
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