Karbonate Minerals Corp. Granted 15 Year Mining Permit on Adjoining Land Near Their Oruro Project in Bolivia
Karbonate Minerals Corp. the Toronto based Canadian mining company have announced they have been granted a 15-year mining permit by the Bolivian government for a 2,071-hectare land parcel that the company will name Oruro 2.
The company will begin their exploration process within the next 3 months and intend to divide the 4-mile-long by 2 mile wide piece of land in to 4 sections with each section being approximately 2 miles by 1 mile in size, approximately 500 hectares each. There is plans to conduct 300 to 400 test drills on each section prior to identifying where to start production first, with each test drill project taking in the region of 2 to 3 months to complete.
Oliver Denton, Director of Projects at Karbonate Minerals Corp. said, "The company have received the long-awaited go ahead allowing us to get started at our new Bolivia project, Oruro 2. Our teams have been in communication with the regional government offices and the nearby communities and have more than satisfied their acceptable demands on how we are allowed to explore and mine this land."
It is understood that Karbonate Minerals Corp. were in competition with another mining company for the mining rights to this land which they won due to their nearby project which is less than 1 mile away which the company have only been at since last year and their ethical approach to mining this land.
The company anticipate the project to yield between $15 and $20 million of gold over the life of the project from the gold deposits held there, with this figure being based on gold being at circa $1,900 an ounce.
"Due to the close proximity of this new project with our existing one in the same area we are expecting production costs to be lower as a lot of the plant, machinery and personnel are already there in place although once we do ramp up production extra machinery will obviously be required which we have already provisioned for. This new project is only the first of several we have planned for this year as we believe our ethical abilities at mining metals cost effectively is of enormous appeal to our shareholders," Oliver Denton concluded.
Karbonate Minerals Corp. will make the relevant announcements in relation to their new project locations once all permits and permissions have been granted to them.
