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Thursday, 8th February 2007 (5388 views)

Panama's precious metals exploration industry has received a major boost with the news that Oro Gold has received titles to six properties in the country.

The sites cover an area of around 750 kilometres and the wrapping up of the deals follows Oro Gold's submitting of exploration contracts back in October 2005.

A subsidiary of Oro Gold, Oro Gold de Panama reached an agreement with the Panama government's treasury department and will now own 100 per cent of the properties.

"We are excited to be one of the first few companies to have the opportunity to acquire a significant land position early-on in the reactivation of Panama's mining industry," said Frank Powell, president of Oro Gold de Panama.

The deal represented more than a year's worth of work by the company attempting to forge relationships with the government of Panama and officials from the community, according to Mr Powell.

Oro Gold's new properties are situated within a 250 kilometre proximity of Panama City. Gold production in the country dates back as far as the days of Christopher Columbus and there are various old Spanish gold workings littered around the country.

 

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