www.greystarresources.com
Greystar Resources buys key surface rights at Angostura gold-silver project
Greystar Resources Ltd (TSX; AIM: GSL) said it has purchased the final surface rights required for the envisioned mine development of its wholly-owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia.
In addition to covering the areas of mine infrastructure, it has also acquired the surface rights to promising exploration targets in the Mongora, Animas and Violetal areas of the Angostura project.
In total, Greystar now owns 3,538.7 hectares of surface rights and approximately 30,000 hectares of mineral rights thereby assuring that the ownership is in place to proceed with project construction, which is anticipated in the middle of 2010.
The latest and most important surface rights acquisition comprised 1,034 hectares of land that covers the proposed location of one of the two major heap leach pads and most of the waste rock storage site. The transaction involved numerous local families.
On the technical front, the Angostura feasibility study, which is scheduled for completion by year-end, is well underway with all technical contracts having been awarded, the group said.
Based on the December 2008 resource update estimation, the Angostura deposit hosts a measured resource of 148.9 million tonnes grading 0.78 gram gold for 3.736 million contained ounces of gold and an indicated resource of 182 million tonnes grading 1.34 grams gold for 7.813 million contained ounces of gold.
