Minera Alamos Inc. (TSX.V: MAI)
Announced that it is in receipt of surface rights agreements for its Cerro De Oro gold project in northern Zacatecas, Mexico.
The agreements, finalized at meetings held last week will allow the Company to finish remaining activities necessary for the Permit Application submission for the project. […]
|Minera Alamos||TSX.v : MAI|
|Market cap||C$246 m @ 55c|
|Location||Sonora, Zacatecas, Durango – Mexico|
Key milestone to allow permitting activities to proceed
Toronto, Ontario and Vancouver, British Columbia— (Marketwired – June 21st 2022) Minera Alamos Inc. (TSX V: MAI) (the “Company” or “Minera Alamos”) is pleased to announce that it is in receipt of surface rights agreements for its Cerro De Oro gold project in northern Zacatecas, Mexico.
The agreements, finalized at meetings held last week will allow the Company to finish remaining activities necessary for the Permit Application submission for the project. This will incorporate all the engineering, geological and other geotechnical work completed to date that collectively represent the plan to develop the Cerro de Oro gold project into the Company’s second operating gold mine.
The surface rights for the development of the Cerro de Oro project cover adjacent areas located in the Melchor Ocampo municipality (Zacatecas) and the Ejido San Pedro de Ocampo, (“ejido” – Coahuila) and allow for all activities necessary for the construction and subsequent operation of the Cerro de Oro gold mine.
- Total surface area of 816 Ha (656Ha in municipality and 160Ha in Ejido area), which is in excess of that required for the initial project development activities and allows for future growth should the current resources be expanded;
- Use of Area Agreement for a period of up to 25 years with annual rental payments;
- Commitments from the Company for limited social works in both the municipality and ejido areas. The Company has also agreed that qualified residents from both the ejido and the municipality areas will have preference for employment once the mine is operational.
Minera Alamos management comments
“We are delighted to have concluded the process of securing these surface rights. Due to the presence of both municipal and ejido areas the overall process was longer than originally anticipated and we appreciate everyone’s patience.
“While the surface discussions were ongoing the Company was able to complete the bulk of the engineering work required for the project development and can now move quickly to pull together the final submission of our permit applications for a new gold mine to be constructed at Cerro de Oro.
“We look forward to the development of an exciting new gold mining area that will provide future economic benefits to all our local, regional and government stakeholders.
“With these surface rights negotiations complete we can now also turn our attention to other planned work programs for the project in the second half of 2022 including metallurgical optimisations, expansion and infill drilling, and regional discovery-led exploration.”
Darren Koningen, CEO, Minera Alamos
Map: Cerro de Oro Project Surface Rights Boundaries (red) acquired from local municipality and ejido
Work activities planned at the Cerro de Oro project area for the remainder of 2022, in addition to those related to the project development permit submission:
- Additional metallurgical testwork aimed at optimizing operating parameters including crush size versus gold recovery relationships;
- In-fill and local resource expansion drilling around the vicinity of the known Cerro de Oro resources;
- Ongoing regional exploration within the larger concession area surrounding the Cerro de Oro resource aimed at defining other areas of exposed gold mineralization for follow-up drilling;
- Identification and securing of long-lead equipment items necessary for the mine development;
- Further mine schedule development optimizations in conjunction with mine contractor discussions; and
- Project financing discussions with lenders who have expressed interest in funding options for the development of a gold mine at Cerro de Oro.
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