News is out!!!
Gemini Explorations Inc. Update of the Los Chorros Mine Project Acquisition
MIAMI, Jun 04, 2007 (BUSINESS WIRE) -- Gemini Explorations Inc., ("Gemini")(OTCBB:GMXP), is pleased to update the due diligence process of the Los Chorros Mine Project that it is in final negotiations to acquire, as announced on May 2, 2007. The Los Chorros Mine is a producing gold property in the El Bagre-Zargoza mining district, department of Antioquia, Colombia. Mr. Terry Plumber, president of RMS-Ross Corporation has just returned from a field trip to Colombia to assess the required equipment upgrades to the Los Chorros Mine. RMS-Ross Corporation of Canada designs and builds high percentage mineral recovery systems for gold, silver and most precious and semi-precious metals and minerals. The Los Chorros is currently being mined and operated with extremely antiquated equipment and Gemini is confident that the project could be turned into a highly efficient producing gold project with minimal capital costs. Gemini is proposing a plant that would operate initially at 30 tonnes/day with production doubling every 90 days during the first year. RMS-Ross will provide a detailed report in the near future outlining the proposed design and equipment costs.
The principal exposed vein in the Los Chorros working tunnels measures up to 2 meters thick and dips down at 45 degrees. Visible sulphides and massive sulphides are exposed and run from 2% up to 70%. Visible gold is present and samples assayed along a 30 meter section of the principal vein exposed between 2 faults returned values between 15 grams/tonne Au and 250 grams/tonne Au. The Los Chorros Mine presents an excellent opportunity for Gemini to take advantage of the near record high gold bullion prices and provides an internal source of cash flow to fund its ongoing development and exploitation of its wholly owned La Planada Gold Project, a potential multi million ounce gold project in southern Colombia.
Historically one of the largest gold producing countries in the world, Colombia's vast mineral potential has remained virtually unexplored using modern exploration and mining techniques. Columbia's gold reserves haven't been tapped in part because of 50 years of armed conflict involving the army, left-wing guerillas, right-wing death squads and drug cartels, a lethal mix that made mining dangerous. Driven by a new era of political and economic stability and an investment-friendly mining code, Colombia has emerged as one of the resource sector's most attractive new mining frontiers. Gemini president, Michael Hill stated that "Industry experts believe there are rich pickings to be had for the early entry companies into the virtually untouched gold belts of Colombia and Gemini Explorations is already well positioned to capitalize on those opportunities."
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation of the gold production of the property to be acquired, the minimal capital costs to upgrade the Los Chorros operating plant and the multi million ounce potential of the La Planada Gold project. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2005 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE: Gemini Explorations Inc.
CONTACT: Gemini Explorations, Inc.
Michael Hill, President, 1-877-700-1644 (IR info)
info@geminiexploration.com
www.geminiexploration.com
