In 2011, Gran Colombia commenced work on a prefeasibility study of the Marmato Project to examine a number of feasible development options for mining, processing and mine waste management to provide the foundation for decision making for the optimum development of the project. The options include stand-alone open pit mining, modern underground mining and a phased combination of both open pit and underground mining. As a result of this newly discovered deep zone mineralization that is open at depth with increasing grades, the Company has decided that the current plan to complete the prefeasibility study in the second quarter of 2012 will be delayed as the ongoing deep drilling continues. Gran Colombia will further explore the significance of this high grade deep zone mineralization and its impact on the current work undertaken in the prefeasibility study before determining the Company’s options for the development of the Marmato Project.
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Here's the paragraph from the Gran Colombia Gold (GCM.to) 1q12 MD&A, filed yesterday (and available for your viewing pleasure on SEDAR right now):
You see, it's not the historically pisspoor relationship between the company and the locals who refuse to give in to GCM's relocation plans, it's the new deep mineralization they've found! Well, that makes all the difference, doesn't it? We also note that GCM doesn't dare give a new estimated delivery date for the Pre-Feas. And while you're over there, on a separate matter check that bit about how the $100m facility from Standard, a deal due done end January, is still not closed yet.
Labels: Serafino Iacono