Thursday, 18th October 2007 (1472 views)

Colombian gold company Tao Minerals has announced that its acquisition period for the El Colmillo mine project has been extended by three months.

The company is in the final stages of acquiring ownership of the gold project, which it hopes to develop into a highly-efficient gold-producing property with low capital costs.

According to Tao Minerals, the El Colmillo mine is currently in operation and the company feels it represents an opportunity to provide an internal source of funding to make further developments to the mine and finance onsite drilling operations to increase the project's gold reserves.

The company has been in negotiations to acquire the 296-hectare mining project, which is located in the La Tinta Creek valley in the Columbian state of Antioquia, since May 2007.

Tao Minerals said in June that if preliminary resource grade estimates at the project's El Colmilla and La Muela gold veins are accurate, approximately 900,000 ounces of gold could be produced on the site.

 

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