Excalibur Signs Letter of Intent for San Pedro.
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| Title: | Excalibur Signs Letter of Intent for San Pedro. |
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| Authors: | Marketwired |
| Source: | Marketwire (English). 06/25/2014. |
| Abstract: | TORONTO, ONTARIO -- (Marketwired) -- 06/25/14 -- Excalibur Resources Ltd. ("Excalibur" or the "Company') (CSE: XBR)(OTCQX: EXCFF)(FRANKFURT: X9CN) is pleased to announce it has signed a letter of intent with Carbocol Peru S.A.C.(Carbocol), to acquire 100% of San Pedro, a 900 hectare gold concession held in the state of Piura in northern Peru, on the border of Ecuador, for 1 million shares of Excalibur. German Castano, President, Carbocol Inc. and Legal Representative was recently appointed to Excalibur's Board of Directors. San Pedro is located 17 kilometers northeast of the town of Tambogrande which hosts one of the richest undeveloped volcanogenic massive sulphide (VMS) deposits of Cu-Zn-Au-Ag in the world. Currently, there are 25 informal miners legally registered on this concession; however, 2 miners which have some equipment are producing most of the gold ore of 100-200 tons per week, of which a 5% royalty in tons is provided to the concession owner. This rock is sent to a local toll mill plant on a weekly basis for processing, generating an average of US$450-US$500 per ton in value and a weekly gross cash flow of approximately US$7,000-US$9,000 depending on local mining conditions. The goal is to increase the production on this concession primarily by providing proper mining equipment for an increased share of the ore produced, which has been averaging .75 to .85 ounces per ton gold according to assays taken at the plant. In due course, the intent is to ship this ore to a new 100-120 TPD plant in the new 'mining park', a desert region about 1.5 hours drive west of San Pedro just off the Pan-American highway and very near the Port of Paita. The company estimates there are over 4,000 tons of gold ore being processed per week by the informal miners in this area. [ABSTRACT FROM PUBLISHER] |
| Database: | Newspaper Source Plus |
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| Abstract: | TORONTO, ONTARIO -- (Marketwired) -- 06/25/14 -- Excalibur Resources Ltd. ("Excalibur" or the "Company') (CSE: XBR)(OTCQX: EXCFF)(FRANKFURT: X9CN) is pleased to announce it has signed a letter of intent with Carbocol Peru S.A.C.(Carbocol), to acquire 100% of San Pedro, a 900 hectare gold concession held in the state of Piura in northern Peru, on the border of Ecuador, for 1 million shares of Excalibur. German Castano, President, Carbocol Inc. and Legal Representative was recently appointed to Excalibur's Board of Directors. San Pedro is located 17 kilometers northeast of the town of Tambogrande which hosts one of the richest undeveloped volcanogenic massive sulphide (VMS) deposits of Cu-Zn-Au-Ag in the world. Currently, there are 25 informal miners legally registered on this concession; however, 2 miners which have some equipment are producing most of the gold ore of 100-200 tons per week, of which a 5% royalty in tons is provided to the concession owner. This rock is sent to a local toll mill plant on a weekly basis for processing, generating an average of US$450-US$500 per ton in value and a weekly gross cash flow of approximately US$7,000-US$9,000 depending on local mining conditions. The goal is to increase the production on this concession primarily by providing proper mining equipment for an increased share of the ore produced, which has been averaging .75 to .85 ounces per ton gold according to assays taken at the plant. In due course, the intent is to ship this ore to a new 100-120 TPD plant in the new 'mining park', a desert region about 1.5 hours drive west of San Pedro just off the Pan-American highway and very near the Port of Paita. The company estimates there are over 4,000 tons of gold ore being processed per week by the informal miners in this area. [ABSTRACT FROM PUBLISHER] |
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