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Post by Franko10 ™ on Feb 16, 2005 13:28:22 GMT -5
Latin American Gold's Ecuador affiliate expands company land position in Nambija-Zamora gold belt; 40% owned Cominzasa adds 34% to prime tenement
GREENWICH, Conn.--(BUSINESS WIRE)--April 20, 1995--Latin American Gold Ltd.'s 40%-owned affiliate in Ecuador has expanded by 34% its Guayzimi Alto tenement in the Nambija-Zamora gold belt in southern Ecuador, it was announced today by Gerard E. Munera, chairman of Latin American Gold.
Compania Minera Zamora S.A. (Cominzasa) purchased an additional 124 acres (50 hectares) to increase its Guayzimi Alto mining tenement to a total of 489 acres (198 hectares). The concession was purchased for US$1 million from Minera Nangipa C.A. (Minanca). Directly Northwest of and adjacent to Cominzasa's Guayzimi Alto tenement, the Minanca tenement has been producing gold in small quantities from ores ranging in grade from 0.350 oz. per ton (12 g/mt) to 0.876 oz. per ton (30 g/mt). Geological mapping by Latin American Gold has shown that a skarn on the Guayzimi Alto tenement may extend into the Minanca concession, Munera said. The concession increase at Guayzimi Alto brings Cominzasa's total land position in the Nambija-Zamora gold district to 5,431 acres (2,198 hectares), Munera said.
Latin American Gold acquired its 40% interest in Cominzasa in the fourth quarter of 1994 and in the agreement committed to a US$10 million exploration program. An active diamond drilling program is underway on the original Cominzasa Guayzimi Alto tenement. It is expected that by the end of May 3,000 meters of drilling will have been completed, Munera said.
The Nambija-Zamora gold belt, Munera added, has been well known but little explored. Over the last eight years, individual miners have produced an estimated 1.9 million troy ounces (60 tonnes) of gold from the gold belt using only very rudimentary means.
Latin American Gold Ltd., following intensive geologic examination on site in 1994, has focused its current activities and investment on the Guayzimi Alto tenement. It also has obtained an option whereby it can increase its ownership of Cominzasa by 4.2% Latin American Gold's shares are traded on the Canadian Dealing Network (CDN) under the symbol LAGD.
CONTACT: William A. Mulligan
800/204-1847
COPYRIGHT 1995 Business Wire
COPYRIGHT 2004 Gale Group
GREENWICH, Conn.--(BUSINESS WIRE)--April 20, 1995--Latin American Gold Ltd.'s 40%-owned affiliate in Ecuador has expanded by 34% its Guayzimi Alto tenement in the Nambija-Zamora gold belt in southern Ecuador, it was announced today by Gerard E. Munera, chairman of Latin American Gold.
Compania Minera Zamora S.A. (Cominzasa) purchased an additional 124 acres (50 hectares) to increase its Guayzimi Alto mining tenement to a total of 489 acres (198 hectares). The concession was purchased for US$1 million from Minera Nangipa C.A. (Minanca). Directly Northwest of and adjacent to Cominzasa's Guayzimi Alto tenement, the Minanca tenement has been producing gold in small quantities from ores ranging in grade from 0.350 oz. per ton (12 g/mt) to 0.876 oz. per ton (30 g/mt). Geological mapping by Latin American Gold has shown that a skarn on the Guayzimi Alto tenement may extend into the Minanca concession, Munera said. The concession increase at Guayzimi Alto brings Cominzasa's total land position in the Nambija-Zamora gold district to 5,431 acres (2,198 hectares), Munera said.
Latin American Gold acquired its 40% interest in Cominzasa in the fourth quarter of 1994 and in the agreement committed to a US$10 million exploration program. An active diamond drilling program is underway on the original Cominzasa Guayzimi Alto tenement. It is expected that by the end of May 3,000 meters of drilling will have been completed, Munera said.
The Nambija-Zamora gold belt, Munera added, has been well known but little explored. Over the last eight years, individual miners have produced an estimated 1.9 million troy ounces (60 tonnes) of gold from the gold belt using only very rudimentary means.
Latin American Gold Ltd., following intensive geologic examination on site in 1994, has focused its current activities and investment on the Guayzimi Alto tenement. It also has obtained an option whereby it can increase its ownership of Cominzasa by 4.2% Latin American Gold's shares are traded on the Canadian Dealing Network (CDN) under the symbol LAGD.
CONTACT: William A. Mulligan
800/204-1847
COPYRIGHT 1995 Business Wire
COPYRIGHT 2004 Gale Group
