Panama - Gold-mine Closed Fire it will start in 2009
20-02-2008 newspaperThe Panamanian company Bellhaven Copper and Gold Inc said That on Tuesday that foresees to begin the golden production of his mine It Closed Fire at the end of next year, with an annual volume of approximately 48.000 golden ounces. The mine will be one of the first ones in beginning to produce in the middle of a recent mining fair weather in the Central American country, promoted by the high world prices of the minerals. Panama has big mineral reservations, but at present it has no mines in production.
“This year we are going to complete all the engineering designs in the field. Our target is to have the mine in production for the third trimester of 2009,” there said to Reuters the executive director of the signature, Julio Benedetti, in an interview.
Bellhaven bought last year the property of Hill It is burning hot to the Central Canadian signature Sun Mining Inc., for 10,4 million dollars.
According to a report of the previous owners, the deposit has reservations probable and proved 372.500 golden ounces.
It closed Fire, to the west of the Canal of Panama, close to the coast of the Pacific Ocean, it has reservations proved mineral of 10,5 million tons, with an average content of 1,1 golden ounces, in accordance with the most recent information, of ends of 2006.
Benedetti said that Bellhaven wants to go to the international debt markets in April, October of this year and March, 2009 for laying deprived by 15 million dollars and 20 million dollars to finance his growth.
The company also has the deposit of copper and gold It closed Party, close to the border with Costa Rica, which it might begin to produce after 2010 and turn into one of the biggest mines of Panama.
“We have a very small country and you have two deposits of world category that are without developing, It closed Colorado and Petaquilla. We believe that Party might be equal,” Benedetti said.
The executive added that “we have the potential to have a resource of 200 million tons of copper to 1 % and an average of 0,3 grams of gold.”
The Canadian signature Dominion Minerals Corp has compromised 7 million dollars to finance the exploration of the deposit of Hill Party during 2008.
One hopes that the deposit Petaquilla, in which the Canadian mine-layer Teck Cominco has option to acquire an interest of 26 %, might produce an average of 223.000 tons per year of copper and 87.000 golden ounces, although with the forecast of which the production increases throughout 23 years of life of the mine.
20-02-2008 Reuters
