www.colombiacrestgold.com
Colombia Crest Gold Corp. is a gold exploration company with nearly 300 square kilometres of mineral title at the San Simon project in northeastern Bolivia. The structures that host gold mineralization on the property are geologically identical to some of the major well-known quartz vein gold deposits and gold shoots, such as those found in Western Africa. The company has identified three areas at San Simon with open-pit and underground gold resource potential. Colombia crest’s mandate is to increase shareholder value by systematically exploring, developing and monetizing the San Simon gold project, followed by new gold acquisitions in Colombia.
Eaglecrest Explorations extends deadline for 2nd tranche of C$6m placing
Eaglecrest Explorations (TSX-V:EEL, FSE:EAT) has extended the deadline for the close of the second tranche of its proposed C$6m private placement, which the company announced in March. The proceeds of the placing will facilitate the work program on the Dona Amelia zone at the San Simon project, Bolivia.
On May 12, Eaglecrest closed the first tranche, raising C$2.32m through the issue of 5,638,000 units at C$0.50 each.
Last month, the company said it would continue to sell the remaining units, to achieve the target of C$6m. With the extension, Eaglecrest can continue to market the remaining placing units until June 30 2010, when it will be required to make its final filing in respect of the offering. The company noted that the terms of the offering are unchanged, and all securities issued will be subject to a four-month period from the closing date.
Speaking in May, Eaglecrest's President and chief operating officer, Hans Rasmussen said: “These initial funds will allow us to get started on our resource calculation at the Dona Amelia zone, San Simon project, Bolivia ... We are also ramping up our exploration program at the Fredonia project, Colombia, employing these funds to begin geologic mapping and sampling."
Each placing unit is comprised of one common share and one common share purchase warrant. Each Warrant entitles the holder to purchase one share at a price of C$0.75 for a period of 24 months from the date of issue.
Earlier this month, Eaglecrest told investors that, in light of a strategic review, it has decided to focus all its exploration efforts in Bolivia, on the areas immediately surrounding the Dona Amelia zone and on the evaluation of the Paititi-Buriti zone at the San Simon project.
The San Simon work program will include, the completion of the NI43-101 for the Trinidad Mina Vieja gold shoots at the Dona Amelia zone; and to drill the Paititi-Buriti zone to a maximum of 200 metres initially, followed by deeper and more detailed drilling to verify the potential for an open-pit-style gold resource.
Furthermore, Eaglecrest has hired SRK Consulting to prepare a NI43-101 compliant Mineral Resource Estimate, and an associated Independent Technical Report for the Dona Amelia gold zone. The company expects the report to be completed during the third quarter 2010. The Dona Amelia zone is one of the three primary areas being explored by Eaglecrest at the San Simon Property.
"We are confident that the completion of a resource estimate on the high grade Dona Amelia zone will be a major strategic step forward in realizing value from our significant investment in the San Simon Property", Hans Rasmussen stated on June 3rd 2010.
The SRK resource estimate will focus on the gold shoots along the easternmost drilled portion of the Dona Amelia zone, including the high-grade Trinidad-Mina Vieja zone which contains the L463 Gold Shoot.
Eaglecrest has given notice, to four of the six Bolivian property owners, that it is removing various concessions from the exploration and option agreements, allowing the company to reduce its prospective land holdings unilaterally and at no cost.
Subsequently, the company will retain 16 concessions, totaling 120.5km2. “The decision to reduce the size of the San Simon holdings was based on the results of exploration work conducted in 2008 and 2009, and took all prior technical data into consideration. The reduction will reduce future holding costs and enable the Company to focus exploration on the areas that are known to have significant gold mineralization or are considered to have excellent exploration potential”, Eaglecrest stated.
The company also reported that in has extended its Letter of Intent (LOI) with Grupo de Bullet, in relation the Fredonia Project in Colombia, until August 17th 2010, to allow for the completion of a definitive agreement.
Eaglecrest initially signed the LOI with Grupo de Bullet back in December 2008. The Fredonia Project Area is located in the Cauca River Valley, between the Eastern and Western Cordillera of the Andes Mountains, north-western Colombia. The company also noted that several other projects are also being evaluated in the Central Cordillera porphyry gold belt.
Fredonia is a large area of principally unexplored ground, which Eaglecrest believes has a high-probability for the discovery of one or more large porphyry style gold deposits – based on initial reconnaissance exploration by Bullet, the proximity to significant proven gold resources, and preliminary geophysical work.
