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Wednesday, 13th July 2005 (4191 views)

Latin American business sources have revealed that Cambridge Mineral Resources is close to starting a new gold project in southern Peru.<br/> <br/>The Patacancha project, plans for which were announced by the company in February of this year, will cover an area of approximately 15 square kilometres. <br/> <br/>Cambridge will acquire its share in equity interest for a payment of US$320,000.<br/> <br/>Production is expected to begin with a mining rate of ten tonnes per day, which will gradually increase to 40 tonnes. <br/> <br/>Speaking to BNamericas, company chairperson Michael Thomsen has outlined the most recent developments in the venture: "We are in the process of developing a small mine on the Marcelita-2 vein."<br/> <br/>He also suggested that Cambridges expect to increase its acquisitions through further exploration of the area carried out by its Peruvian subsidiary Minera Peru Gold. <br/><img alt="track" src="http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15004572"/>

 

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