- Published: 22 May 2009
- Written by Editor
Acquisition of a producing gold mine and an associated milling facility
Global Finishing, Inc. (FRANKFURT:G8BA) is pleased to report the acquisition of a producing gold mine and an associated milling facility. These producing assets are located in the historically rich gold bearing region of Portevelo-Zaruma in the El Oro Province of Ecuador.
First mined by the Incas, since 1905 alone, this area has historically yielded in excess of 4.5 million oz. of gold from epithermal gold/silver vein systems. Additionally, the ore from this region also yields significant amounts of silver and copper.
Southern American Development Company (SADCO), a subsidiary of a major American mining company operated the primary mining activities in the area from 1897 to 1950. SADCO recovered some 3.5 million ounces of gold and 12 million ounces of silver from 7.6 million tons of ore at a cut-off grade of 14.6 g/T (0.47 oz/T) Au and 48.9 g/T (1.57 oz/T) Ag, before withdrawing from the area for a variety of strategic reasons.
In recent decades, most of the mining activity in the region has been conducted informally by artisanal miners and small local mining companies. Despite the lack of any major mining activity, in recent years the region has produced 35,000 to 50,000 ounces of gold per year, and accounts for more than 60% of Ecuador's gold production. More than 30 gold-bearing veins have been identified within the Portevelo-Zaruma field.
Current operations at the acquired property are profitable and are expected to continue improving through the modernization of the mining operations and the expansion of the milling capacity over the next 12 months.
Details of this acquisition will be provided very shortly.
Global Finishing, Inc. is a publicly traded company on the Frankfurt stock Exchange under the symbol G8BA. 18,000,000 common shares are issued and outstanding, including 3,000,000 free trading shares.
We seek safe harbour.
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Global Finishing, Inc.