Eco Exploration a Chile based precious metals exploration and mining company, has given the long awaited final approval to commence drilling at the company´s newest addition to its asset portfolio in northern Peru.
Oct. 10, 2012 - SANTIAGO - This morning Eco Exploration C.E.O. Mr. Andrew Davis addressed a select group of media and local officials at the Eco Exploration offices in Santiago, Chile, to announce that full scale production at its latest project site has been approved and is scheduled to begin on Monday October 22nd 2012. This project, which is located in the mining renowned Eastern Cordillera region of northern Peru, marks the first step of Eco Exploration's planned expansion in Latin America. After talks failed to resolve underlying concerns back in August, the project had stalled in its final stages, but according to Eco Exploration C.E.O Mr. Andrew Davis, will now go ahead.
“This is a massive step for Eco Exploration as we have not previously operated in Peru, and due to the scale of the investment we are making, our administrators need to be totally satisfied prior to moving forward, but I am happy to say that we have now quelled all of the underlying concerns and we are scheduled to commence drilling on the site on Monday 22nd October”.
C.E.O. Mr. Andrew Davis
the Eastern Cordillera site has for some time been owned by Eco Exploration, and has undergone and passed all required feasibility analyses. Proven provable reserves have been established, with an anticipated cash cost of approximately $308 /oz. This low cash cost is due to the extremely heavily mineralized organic deposits, where both gold and quartz veins are present. The grade of gold extracted from these veins has been shown to range from 10 g/t to 70 g/t Au. The site itself lies at a height of 4500 meters, high in the Peruvian Andes and has attracted many other mining companies to the area with gold deposits that are subject to heavy oxidization causing the ground to become more porous and reducing processing costs. Furthermore, the local area provides excellent transportation access as well as access to an abundantly experienced workforce and equipment. For these reasons Eco Exploration's management are confident that this move will ultimately yield great returns for the company and its shareholders.
Eco Exploration approves commencement of drilling at latest