Love the bit about a bunch of interested parties coming to visit..just have no date on the article but was posted last night LSE forum
Sun
258 Price: 24.13
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Hottest of Hot News from Ecuador
One of Cascabel's copper deposits, the project that is attracting the gaze of the world's mining giants, has a depth of 1,500 meters. This amounts to twice the size of the Burj Khalifa, the tallest building in the world, with 211 stories.
The project is in the community of Santa Cecilia de Imbabura. Four years ago the Australian exploration company Sol Gold heard about the prospects that could have this area and decided to bet. This small mining company acquired 85% of the project from Canada's Cornerstone.
Cascabel is the first project undertaken by Sol Gold in Latin America.
Expectations of finding a large copper and gold deposit in this concession increase with the passage of days.
On September 10 of this year the firm reported in a report published on its website that in recent days and with only 17 wells drilled "all points have a high possibility of discovering a deposit of gold and copper that is unparalleled in size And quality, with other mining fields existing in Ecuador and in the world. "
The reserves would exceed 6,500 million pounds of copper from Mirador, the open-pit megaproject developed by the Chinese company Ecuacorriente in the south of the country, said Jason Ward, president of exploration firm ENSA, which grouped Sol companies Gold and Cornerstone.
IT IS A WORLDWIDE PROJECT
Although the advanced exploration phase is still to be completed, the information hitherto gathered indicates that it is a world-class project, to the point that one of the world's largest companies, BHP Billiton, made an offer four weeks ago.
I wanted to acquire 10% of Sol Gold and a projection to buy, over time, 70% of ENSA, for a total value of USD 275 million. The offer was not accepted.
Australia's largest gold producer, Newcrest, also submitted an offer and was left with 10% of Sol Gold. The proposal contemplates an investment of approximately USD 22.8 million and Maxit Capital (Canada) contributed with another USD 22 million. Also interested are companies from the US, Canada, Australia and Japan, which will visit the project in the next eight weeks.
Sold Gold shares on the London Stock Exchange have multiplied in recent years, moving from USD 0.02 per share before 2013 to USD 0.28 last October.
CONCESIÓN DE CASCABEL
The Cascabel concession comprises 5 000 hectares. Until last Friday, 18 wells were opened, with a total drilling of 24 000 meters deep in the area known as Alpala, but "there are still hundreds of wells left to be explored," Ward said. "The results of Cascabel surpass expectations and will certainly be a world class project," said Mining Minister Javier Cordova.
The firm estimates that there would be at least 13 deposits of copper, gold and, to a lesser extent, molybdenum.
This type of deposits is called, in the mining industry, porphyry or large underground walls where the mineral is concentrated.
"We bet (because of the project) because the country began to improve
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