While early-stage precious metals exploration and development companies rarely make the news, in this case, Entourage Mining grabbed our attention due to its announcement this morning which indicates a half-ounce per-tonne gold deposit on the Company's Pires Property, which is only 50 miles from Kinross Gold Corp Paracatu Gold Mine, an 18 million ounce deposit which produced 354,396 ounces of gold in 2009 through low-cost carbon-in-leach processing.
Entourage's Pires Property has shown indications across its entire span of claims of mineable gold as the geologic trends appear to echo that of the Paracatu Mine. In its second phase drilling program ENMGF is attempting to validate that, which is drawing investor interest in the Company, according to its spokesperson. A Power Point presentation on the company's website details its phase one sampling and reveals Entourage Mining's initial application for listing on the TSX Venture exchange, no doubt a precursor to the Canadian mining company's financing plans. Those plans call for a $750,000 to $1 million capital raise, as outlined in that PPT.
As junior gold exploration mining companies race to develop their claims, Entourage Mining is poised to potentially develop its Central Brazilian gold property into a low-cost producer, if the geology proves similar to Kinross' Paracatu mine, though a distinct advantage may lie in Entourage having one of Canada's top geologists on board -- Harrison Cookenboo, Ph D, P. Geo. -- a qualified geologist with the firm of Watts, Griffis and McOuat with 25 years experience in gold exploration projects in Brazil and North America.
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