Hi Tim, Check out what Sur American Mining has waiting on the back burner......
"From my independent research, gold mining in Colombia has turned a corner and is currently very vibrant and active. Canadian junior Greystar trades at over $7/share on their exploration success. AngloGold is active now in the region.
SUR to what I know still owns outright all of their Colombian properties in good standings, several millions have already been spent on exploration. This is a large asset worth a lot of money to SUR but since no active recent exploration, I think they had to right the properties down to zero to conform to Canadian tax rules. This is a very viable large deal on its own, huge hidden value to SUR the way I see it.
Both PHILIPPINES and Colombia are two potential elephants for SUR."" #msg-7754714
"Not intending to distract attention from the current focus of the business, but there seems to be an awaking of interest in our other set of properties.
Between 1994 and 1996, SUR acquired 6 projects in the Marmato district of Western Columbia. For the past 500 years, this district has been in continuous production from both hard rock and placer operations. All projects are well located, being close to the Pan American Highway, power lines, towns and water supplies.
Mina Rica (100% SUR) Mineralization occurs as stockworks and dissemination covering an area of about 1,000 x 500 meters and over a known vertical extent of 300 meters. Sampling in 18 tunnels averaged 3.5 g/t gold.
Gavia (100% SUR) 1,000 x 500 meter anomaly. 40 meter tunnel averaged 4 g/t gold.
Vende Cabezas (100% SUR) 900 x 400 meter anomaly. 10 meter tunnel grading 313 g/t gold.
Loma Guerrero (100% SUR) 2,300 x 800 meter stockworks/disseminated mineralization. 10 meter tunnel assayed 5 g/t gold.
Other project locations: Caramanta, about 10 Km north of Gavia, and Aguas Claras, about 5 Km north of Loma Guerrero.
Re: Colombia still in the cards but not the focus yet!
I recently sent Rennie an e-mail regarding the South American properties and the possibility of a joint venture. Here is his response for the loyal SUR shareholders.
"Dear ... Many thanks for your comments on our Colombian properties.
The big difference between us and Greystar is that they have spent close to $US 15million on drilling at their major project and have identified a low grade but quite large resource.
We are now deciding what to do with all our projects down there and in addition we have been granted another 10 or so new ones in Sur de Bolivar and Narino provinces. These applications would you believe were made in 1998! and were granted earlier this year. They are very prospective.
The projects are very good and so we must either get JV's or do it ourselves but I certainly do not want to create an impression that we are not focusing on the Philippines-which we are.
So at this stage its like having two companies in one.
Either way I do see an active Colombian program next year.
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