Wednesday, 13th July 2005 (2693 views)

Latin American business sources have revealed that Cambridge Mineral Resources is close to starting a new gold project in southern Peru.

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.

Cambridge will acquire its share in equity interest for a payment of US$320,000.

Production is expected to begin with a mining rate of ten tonnes per day, which will gradually increase to 40 tonnes.

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."

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.

 

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