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 Pmi Gold Gears for Gold Production in Ghana | PM Tools - PM Tools

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Pmi Gold Gears for Gold Production in Ghana

With the ink barely dry on its latest African acquisition, PMI Gold Corp.

(TSX.V: PMV) is now looking for the big money that will get its gold properties into production.

PMI Gold president Douglas MacQuarrie says he’s currently trying to raise $53 million to see the new Kubi property, as well as the Obotan site, up and running within two years.

The properties, in the lucrative Golden Triangle in the West African nation of Ghana, have both been mined profitably in the past by industry giants from open pits.

PMI Gold finalized its deal for Kubi with a subsidiary of Canada’s Nevsun Resources Ltd. just last month, issuing 9,000,000 common shares to Nevsun to give that company an 11.6% stake in PMI Gold.

AngloGold Ashanti had worked the Kubi property on option from Nevsun from 1999 to 2005, taking out 500,000 tonnes of 3.65g/t Au for nearly 59,000 ounces of gold.

According to an NI 43-101 report completed in August, Kubi contains an indicated resource of 5.13 million tonnes, grading 3.66 g/t Au for 604,085 ounces of gold, and an inferred resource of 5.38 million tonnes, grading 1.88 g/t Au for 315,079 ounces of gold.

Kubi, covering 19.16 square kilometers in the Ashanti Gold Belt, is just 20 km south of AngloGold Ashanti’s Obuasi mine, in operation for 110 years.

Kubi is also 46 km southeast of PMI Gold’s Obotan property, lying in the Asankrangwa Gold Belt. PMI Gold picked up the property in Nov. 2006, after Resolute Mining of Perth, Australia shut its open-pit operation in 2003 when the price of gold fell below US$320 per ounce.

A total of 730,000 ounces of gold had been produced at Obotan, with 590,000 ounces of an approximate grade of 2.2g/t gold from the Nrkan pit, and a further cumulative 140,000 ounces from the Adubiaso and Abore pits.

“Kubi is closer to production than Obotan as it already has a mining lease,”

MacQuarrie wrote in an e-mail from Europe, where he is attending trade shows.

“Obotan is a prospecting license which needs to be upgraded to a mining lease.”

“Also at Kubi,” he went on, “the mineralization is at a higher confidence level – in the NI 43-101-indicated category.”

PMI Gold doesn’t yet have in independent resource calculation for Obotan, MacQuarrie wrote, but in-house estimates look good. “Quite frankly, we are so positive that we have ore bodies at both Kubi and Obotan, we will commence the development work as soon as we have the funds.”

“We are now in the market to raise $3 million in equity and $50 million in convertible debt or project financing to put both of them in production over the next 2 years.”

PMI Gold is planning small-scale underground mining to get at the ore still left from the open-pit work. AngloGold Ashanti trucked its Kubi ore to Obuasi for processing, and PMI Gold is looking to do something similar.

“Given that the Obotan orebody is the larger – and part of a 70 km string of concessions we control where we hope to make many more discoveries – it makes sense to locate (the processing plant) there and truck the high grade Kubi ore to Obotan,” MacQuarrie wrote.

As well, the Supuma Shelter Belt Forest Reserve covers 45% of the Kubi concession, so off-site processing, along with underground mining outside the reserve, will let the company by-pass any reserve development controversy.

Highlights of the final assay results released in August from an eight-hole, 2,539-metre drill program completed on Obotan include 44.5 m. of 2.61 g/t gold in hole NK07-001, which tested the down dip extension of the Nkran pit ore body 330 meters below the base of the previously mined pit. Another intercept graded 8.91 g/t gold over 2.7 m, collared 170 m to the south of the southern end of the pit.

Ghana is Africa’s second largest gold producer, recently attracting US$1.5 billion in committed foreign investment. The bulk of the country’s 90 million ounces of gold production has come from the Ashanti and Bibiani Gold Belts.

Interest in the lesser-known Asankrangwa Gold Belt perked up about a dozen years ago after the first modern airborne magnetic survey over southwest Ghana picked out major deformation zones and cross structures that were spatially related both to Ashanti’s Obuasi mine and to the historical gold mines and showings that define the belt.

PMI Gold, working in the country since 2003, now controls a 70-kilometre length of the Asankrangwa Gold Belt in 12 concessions/options totaling 484 sq km, and a mining lease and two concessions/options totaling 214 sq km on the Ashanti Gold Belt.

“We have a lot on our plate at the moment,” MacQuarrie acknowledged. But that doesn’t mean he’d pass up another good buy.

“I have a saying – that when I am no longer interested in new acquisitions, then it’s time for me to retire. And I am not ready for that.”

This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.

Resourcex Investor is an internationally distributed newsletter about emerging junior resource companies. Sign up for a free 1-month trial to our newsletter and get instant access to news and investing tips that have helped many of our readers make more money. http://www.resourcex.com
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