Thursday, 13th January 2005 (2795 views)

Tiomin Resources has entered into a joint venture deal with Compania Minera Milpo for gold and copper exploration in South America.

The new venture will see the exploration of deposits 230 kilometres south east of Lima, Peru, with the company already expected to start titanium mining in the coastal town of Kwale this year.

Its joint venture partner is a well-known local developer and operator of low cost copper, zinc and lead mines. The Lima Stock Exchange listed company is already undertaking a 2,000 meter drilling project at a 3,150 hectare site 10 kilometres northwest of Huancavelica.

The new joint venture will give Tiomin the possibility to diversify into other mining areas.

"We are bullish on the long term fundamentals for commodities including copper," said its president, Jean-Charles Potvin.

"This exceptional property presents a solid foundation to expand our focus into growth markets and with relatively little capital requirement in the early stages."

The company is currently also in an early stage exploration of a deposit in Guatemala.

 

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