“The company went public in November 2010; drilling started shortly thereafter. The property is located just south of La Coipa, which is a mine owned by Kinross. It’s in the Maracunga belt. It’s a large, volcanic, breccia-hosted oxide-associated gold deposit. So this is unlike the porphyry deposits in the region.
“We’ve been drilling fairly aggressively now through 27,000 metres, trying to push ahead on a resource estimate for Q3. We thought these assays were fairly good. Long intervals of remarkably consistent grade with higher grade cores: which is exactly what you’re looking for.
“The exploration program will wind up probably during April of this year with the onset of winter in the Andes. It’ll take us probably six to seven weeks to get all the assays in and get everything wound up. Then we will prepare a resource estimate for release in August. In October, we’ll start again with a Phase III drill program. We haven’t budgeted a number yet, but it will be larger than what we’re working on right now. Another item you’ll see is metallurgical test work continuing.
“The company has the ability to take the project to production. But we will, obviously, look at maximizing the value to shareholders, if the appropriate opportunity presents itself.
“Our assessment of the project is very positive. It’s a big oxide-gold project, in a very mining-friendly jurisdiction.”
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