Replies to post #142 on Oidon Company, Ltd. (OIDN)

[RedSky]

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§).