Friday, 3rd December 2004 (2561 views)

Canada's Solitario Resources has announced that Newmont Mining is set to begin drilling Solitario's La Tola gold project in Southern Peru next week.

As part of the drilling, the firm plans to make 13 reverse circulation drill holes, which will target six key areas initially.

The property is 11,030 hectares in size and is an early stage gold exploration project in the increasingly emerging southern Peru gold belt.

Solitario first identified and obtained the property near the end of 2003 and it has a full 100 per cent ownership of the site.

However, Newmont can earn a 51 per cent interest in the site by spending $7 million on development and exploration work over four years.

The mining firm, which is listed on the Toronto Stock Exchange, is a gold, platinum-palladium, and base metal exploration company and it actively explores in Peru and Brazil.

 

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