Wednesday, 22nd September 2004 (2742 views)

US based mining and exploration firm Azco Mining has announced it has entered into a new agreement whereby it can lease some of its mineral estate.

The new deal sees Azco lease 57,267 acres of estate in New Mexico to Ortiz Mines, for an annual lease fee and royalties on production.

Work conducted in the past on the site has discovered two million ounces of gold resources in a number of deposits.

Dr. Pierce Carson, CEO, commented: "The Ortiz lease fits the Company's strategic agenda of acquiring significant precious and base metal assets. It represents an excellent opportunity to acquire, under favourable terms and in the United States, substantial gold resources with demonstrated potential for production."

He added the area is highly prospective for gold and also offers "superb exploration potential for discovering additional major deposits".

In addition, the company will also be looking into underground mining and the large amounts of technical data are currently being assessed.

 

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