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Wednesday, 17th October 2007 (5838 views)

Mine operators and concession holders near the Los Chorros gold mine at the La Planada gold project have presented Gemini Resources with several joint processing proposals, which the company said could present an "excellent opportunity" to enhance its net cashflow.

Most significantly, the company said that entering to a joint processing agreement would "accelerate" the capital recovery costs associated with its proposed modernised mineral recovery plant at the Los Chorros site.

Operators have approached Gemini with proposals for the company to process their gold ore on a basis of joint net revenue, which it says could provide a welcome internal source of funding at the operation.

Earlier in October, the company predicted that a 100-tonne daily production rate at its proposed plant could yield annual profits of $7.3 million (£3.59 million).

The 45-hectare La Planada gold project is located in south-western Columbia in the country's Los Andes Sotomayor Gold Belt, 80 kilometres from the city of Pasto.

An overview of the newly-acquired project was last updated at the end of September 2007.

 

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