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Posts tagged ‘nicaragua’

Canada to boost support for mining, but faces challenges

September 18th, 2013

by Cecilia Jamasmie | September 18, 2013 | Reprinted by permission of Mining.com

Canada’s Prime Minister Stephen Harper is ready to launch an aggressive campaign to promote the country’s mining sector abroad, in an effort to redirect trade spending and foreign affairs to core economic interests.

Canada to boost support for mining, but faces challenges

Prime Minister Stephen Harper announces support
for Northern Innovation in Mining, August 2013.
(Photo: PMO)

Ed Fast, the international trade minister, began Wednesday a cross-country campaign to get feedback from experts and actors on what kind of support they think the government should offer mining companies.

According to the Globe and Mail, the move comes as the Harper administration starts warming up its campaign machine for the 2015 elections.

But Harper faces a challenging scenario. As a result of the global mining slowdown, Canada’s mining sector has been hit hard by weak commodity prices and lack of interest from foreign and local investors.

For the first time in a decade, Canada’s normally bustling resource industry failed to book a single initial public offering (IPO) on either the Toronto Stock Exchange or the TSX Venture Exchange in the first quarter of the year, a PwC survey revealed.

Tarnished name

While Canada remains the world’s top destination for mining investments, the sector has built a less-than-popular reputation abroad. Local miners have faced domestic opposition to their projects in all parts of the globe, including Greece, Colombia, Nicaragua, Peru, Bolivia, the Dominican Republic, Slovakia, Romania and Israel.

In January, for example, hundreds of Greeks protested in Thessaloniki against several gold mining projects owned by Vancouver-based Eldorado Gold TSX:ELD.

The following month, Catholic priests and small-scale miners marched with 5,000 locals in Matagalpa, Nicaragua, against a project owned by Vancouver-based B2Gold TSX:BTO.

In April tens of thousands of Colombians took to the streets of Bucaramanga, the country’s sixth-largest city, to defend their water supply from Vancouver-based Eco Oro Minerals’ TSX:EOM gold project.

Recently, Toronto-based Barrick Gold TSX:ABX admitted before a Chilean judge it had committed several violations in regards to its touted $8.5-billion Pascua Lama gold and silver project, straddling the border of Chile and Argentina.

And the most fresh example is the renewed opposition Gabriel Resources TSX:GBU faces in Romania because of its Rosia Montana gold project. Only yesterday the country’s president, Traian Basescu, asked Parliament to withdraw a bill that would allow the London-based Canadian miner to move forward.

However the future looks auspicious. Canada is among the top five producers of potash, uranium, nickel, platinum, aluminum, diamonds and steel-making coal. And global demand for commodities is expected to grow by up to 75% over the next 15 years, according to the world’s No. 1 miner, BHP Billiton NYE:BHP.

Reprinted by permission of Mining.com

Stocks rise with ounces

November 20th, 2012

Investors embrace resource estimates from Pretium and Golden Reign

by Greg Klein

Next Page 1 | 2

Investors embrace resource estimates from Pretium and Golden Reign

Visible gold shines through core samples from
Pretium Resources’ Valley of the Kings zone.

Two resource estimates announced November 20 received warm market welcomes. Pretium Resources TSX:PVG increased the indicated category of its Brucejack Project in northwestern British Columbia by 66%. Golden Reign Resources TSXV:GRR, meanwhile, debuted the San Albino-Murra Property in western Nicaragua with its first-ever estimate.

Pretium last released updates on September 7 for both the Valley of the Kings zone and the West zone 500 metres north. The November 20 update concerns Valley of the Kings only.

Using a cutoff of 5 g/t gold-equivalent, the resource shows:

  • an indicated category of 16.1 million tonnes averaging 16.4 g/t gold and 14.2 g/t silver for 8.5 million gold ounces and 7.3 million silver ounces
  • an inferred category of 5.4 million tonnes averaging 17 g/t gold and 15.7 g/t silver for 2.9 million gold ounces and 2.7 million silver ounces

The Valley of the Kings resource now includes drilling from Galena Hill, previously thought to be a separate zone. The company stated that the Valley remains open to the east and west along strike and at depth.

By boosting the indicated category 66%, the resource pushes Brucejack further along its feasibility study, Pretium president/CEO Bob Quartermain tells ResourceClips. “This gives us a really good base to do the feasibility study and develop a mine plan around the high-grade resource at the Valley of the Kings,” he says. He hopes to have feasibility complete by the first half of next year.

“We continue to de-risk the project and I think the next major catalyst for the company will be the feasibility study,” he adds. “There’s also the underground bulk sample, which we’re hoping to take again in the second half of next year. Those continue to create value for our shareholders. Obviously the market likes the way we’re de-risking the project and certainly reacted positively today.”

Indeed Pretium opened November 20 at $13.07 and reached $13.25 before settling back at a $12.95 close—still comfortably above the previous day’s $12.77 close. The stock has a 52-week high of $18.15 and low of $8.27. With 94.83 million shares outstanding, the press-time market cap came to $1.23 billion.

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B2Gold, Calibre report Nicaragua Assays including 0.48 g/t Gold over 172.4m

April 16th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningB2Gold Corp TSX:BTO in joint venture with Calibre Mining Corp TSXV:CXB announced results from their Primavera Gold and Copper Porphyry Project in northern Nicaragua. Highlights include

0.48 g/t gold over 172.4 metres
(including 0.32 g/t over 23.9 metres)
0.22 g/t over 247.3 metres
(including 0.34 g/t over 41 metres)
0.31 g/t over 165 metres
(including 0.48 g/t over 46 metres)
0.41 g/t over 93 metres
0.67 g/t over 55.5 metres

B2Gold may earn a 51% interest in Primavera and other concessions by spending $8 million by June 2014. Once the earn-in is complete, B2Gold may elect to carry an individual prospect within the concession area through to a prefeasibility study within two years for an additional 14% interest in the prospect.

View Company Profile

Contact:
B2Gold Corp
Ian MacLean
VP of Investor Relations
or Kerry Suffolk
Manager of Investor Relations
604.681.8371

Calibre Mining Corp
Mark Carruthers
Manager of Investor Relations
604.681.9944

by Greg Klein

Cash-Cow Potential

March 13th, 2012

Golden Reign Advances Low-Cost, High-Grade Nicaragua Gold and Silver

By Ted Niles

Nicaragua has had a stable democracy for 20 years, but the Communist mayhem that saw its gold mines nationalized in 1979 was long remembered by the industry. Free elections in 1990 removed the Sandinistas from power, but a weak gold price kept the industry in eclipse. Now that the gold price has surged, Nicaragua promises an almost singular potential. It is “virtually untapped because of its history of conflict,” says Kim Evans, President and CEO of Golden Reign Resources TSXV:GRR.

Evans reports, “Nicaragua’s just starting to emerge as a major area for mining exploration and development.” Indeed, 2011 gold exports from Nicaragua were up 60% from 2010. Gold is now its third-leading export, and the country’s largest producer, B2Gold Corp TSX:BTO, has committed $100 million for further development of its La Libertad and Limon mines.

Golden Reign Advances Low-Cost, High-Grade Nicaragua Gold and Silver

“It is considered a developing Third World nation, and so there is a wide pool of available talent,” Evans says. “We’ve had nothing but great experiences and work very closely with the mining ministry and all the different mining groups. It is a very pro-mining country and a very good place to be doing business.” She adds, “It is the safest country by far in Central America. It is actually ranked as being much safer than a number of the big US cities, such as New York and Boston.”

Golden Reign‘s 8,700-hectare San Albino-Murra gold property is located in the Nueva Segovia Department. Its ongoing 25,000-metre drill program has focused on a two-square-kilometre area of the property, including the San Albino and Arras zones. February 22 results from the Las Conchitas area, located just south of the historic San Albino Mine, include

  • 62.96 grams per tonne gold and 61.7 g/t silver over 3 metres
  • 12.01 g/t gold and 13.1 g/t silver over 3 metres
  • 14.96 g/t gold and 25.4 g/t silver over 2.5 metres
  • 9.44 g/t gold and 17.3 g/t silver over 1.5 metres
  • 8.63 g/t gold over 5 metres

February 15 results from the San Albino Mine area include

  • 85.86 g/t gold and 35.1 g/t silver over 2 metres
  • 4.48 g/t gold and 12.3 g/t silver over 4 metres
  • 4.22 g/t gold and 9.1 g/t silver over 1 metre

“The [assays] are quite spectacular, as you can tell,” Evans comments. “It is rare nowadays for projects to see multi-ounce material as prevalent as this. It’s open in all directions and at depth at this point, and our program will finish likely with it open in all directions and at depth.”

The [assays] are quite spectacular, as you can tell. It is rare nowadays for projects to see multi-ounce material as prevalent as this —Kim Evans

The company expects San Albino-Murra’s maiden resource estimate in July 2012. “What I would like to do [after that],” Evans says, “is start spacing the drill holes tighter so we can take it from what will likely be an inferred category—with the possibility of some indicated—to more of a reserve level. Then we’ll start stepping out as well to try to define the outer boundaries of the San Albino area.”

Evans doesn’t think Golden Reign likely to take the project to production but notes that the probable capital expenditure (which she estimates at $50 million to $100 million) wouldn’t require the financial resources of a major. “This isn’t elephant country, where you’re going to see one big deposit of five million ounces. What we think we have the potential for is a number of small, one million (give or take) ounce deposits. It has very nice little cash-cow potential.”

The project is accessible by all-weather roads and has power and water, so the company’s biggest expense is drilling. “Everything else is very inexpensive to run,” Evans says. “Working in a country that is a developing nation, your costs are considerably lower.” Golden Reign has $3 million cash on hand.

“We’re a very aggressive company, so in the last year we’ve progressed significantly,” Evans concludes. “I think we’re going to see another big step up this year with the initial resource and then with opening up other areas. We believe we can replicate what we’re seeing in each of the [three] blocks we have within the property boundary and also with the new property [the El Jicaro Concession] that I’ve just added south of us. We think there is huge potential.”

At press time, Golden Reign had 59.1 million shares trading at $0.99 for a market cap of $58.5 million.

Golden Reign reports Nicaragua Assays of 62.96 g/t Gold, 61.7 g/t Silver over 3m

February 22nd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningGolden Reign Resources Ltd TSXV:GRR announced assay results from the Las Conchitas area of its San Albino-Murra gold property in Nueva Segovia, Nicaragua. Highlights include

62.96 g/t gold and 61.7 g/t silver over 3 metres
12.01 g/t gold and 13.1 g/t silver over 3 metres
(including 29.8 g/t gold and 31.7 g/t silver over 1.2 metres)
14.96 g/t gold and 25.4 g/t silver over 2.5 metres
(including 36.53 g/t gold and 60.6 g/t silver over 1 metre)
9.44 g/t gold and 17.3 g/t silver over 1.5 metres
(including 20.64 g/t gold and 37 g/t silver over 0.6 metres)
8.63 g/t gold over 5 metres (including 35.7 g/t gold over 1 metre)

The Las Conchitas area lies approximately 2.5 kilometres south of the historic San Albino Mine area where three drill rigs are currently completing a definition drill program. The property’s maiden resource calculation is expected to be completed in the first half of 2012.

View Company Profile

Contact:
Kim Evans
President/CEO
604.685.4655

by Ted Niles

Golden Reign reports Nicaragua Assays including 85.86 g/t, 35.1 g/t silver over 2m

February 21st, 2012

Resource Clips - essential news on junior gold mining and junior silver miningGolden Reign Resources Ltd TSXV:GRR announced assays from the San Albino Mine area of its San Albino-Murra gold property in Nueva Segovia, Nicaragua. Results include

85.86 g/t gold and 35.1 g/t silver over 2 metres
(including 171.62 g/t gold and 68.8 g/t silver over 1 metre)
4.48 g/t gold and 12.3 g/t silver over 4 metres
(including 15.08 g/t gold and 24.3 g/t silver over 1 metre)
4.22 g/t gold and 9.1 g/t silver over 1 metre

Golden Reign expects to complete drilling in March 2012 and the NI 43-101 compliant resource calculation in the first half of 2012. The company has three drill rigs turning at the San Albino Mine area.

President/CEO Kim Evans tells ResourceClips.com, “[San Albino-Murra] was owned by an American metallurgist in the early 1920s. He developed the mine there, but the Spanish were the first ones into this particular area back in the 1790s and were reportedly pulling about two-ounce material at surface from this area. The property is a fairly sizeable concession—it’s 87 square kilometres located in the north-central part of Nicaragua. It is a property we’ve been on since about mid-2009 and really have started advancing in the last year. We’ve done a fairly extensive drill program within the last year and are looking to wrap it up in about the end of March or early April. We are looking to complete our maiden resource calculation on a historical mine called the San Albino mine and a prospect called Arras. What we’re really focused on at this particular juncture is a two-square-kilometre area within the 87-square-kilometre property. That is our first target within the project area.

Capex costs are quite low—say $50 million to $100 million only—and it has very nice little cash-cow potential—Kim Evans

“The [assays] are quite spectacular as you can tell. It is rare nowadays for projects to see multi-ounce material as prevalent as this. Nicaragua is virtually untapped because of its history of conflict, but it’s been a stable democracy since the 1990s. I think they’re just starting to emerge as a major area for mining exploration and development.

“It is the safest country by far in Central America,” Evans continues. “It is actually ranked as being much safer than a number of the big US cities such as New York and Boston. Of course, it is considered a developing Third World nation, and so there is a wide pool of available talent and the people are quite fantastic. We’ve had nothing but great experience and work very closely with the mining ministry and all the different mining groups. It is a very pro-mining country and a very good place to be doing business.”

Evans reports that San Albino-Murra’s first resource estimate should be out by July 2012.

Regarding the current drill program, she says, “We’re doing 25,000 metres in this two-square kilometre area. I had rolled a third rig which is currently joined up with the other two I have active in that area. In the late fall it been [used for] a small program about 1.5 kilometres south of the San Albino mine area. I think that based upon the results we’re seeing from there we’ll put a rig or possibly two down there to start off. Then we’ll be coming back to the San Albino mine area itself. It’s open in all directions and at depth at this point and our program will finish likely with it open in all directions and at depth. So what I would like to do is start spacing the drill holes tighter so we can take it from what will likely be an inferred category—with the possibility of some indicated—to more of a reserve level, and then we’ll start stepping out as well to try to define the outer boundaries of the San Albino area.

“We’re primarily explorationists,” Evans notes, “so I have a feeling that we probably won’t get a chance to play the production game. That said, just based on the level of interest I’m seeing already for doing this type of deposit, your capex costs are quite low—say $50 million to $100 million only—and it has very nice little cash-cow potential.

“We operate out of the local municipality—a little town called El Jicaro—and it’s about seven miles from the San Albino mine area. We have good all-weather roads all the way in; we have power in; and we’re right beside the river.

“We have over $3 million in the bank. My biggest costs by far are drilling costs because everything else is very inexpensive to run in that country. Working in a country that is a developing nation, your costs are considerably lower. We’ve got a number of warrants, all of which are in the money, which would drive in about another $13 million.

“We’re a very aggressive company, so in the last year we’ve progressed significantly,” Evans concludes. “I think we’re going to see another big step up this year with the initial resource and then with opening up other areas. There are actually three contiguous blocks that comprise this property, and right now we’re just focused in the very southern one, the San Albino block. We believe we can replicate what we’re seeing in that block in each of the blocks we have within the property boundary and also with the new property that I’ve just added south of us. We think there is huge potential and we’re looking at a possibility of a number of sizeable deposits. This isn’t elephant country where you’re going to see one big deposit of five million ounces. What we think we have the potential for is a number of small, one-million (give or take) ounce deposits. We think we can do that throughout the project area, so it’s going to be very interesting. We have some amazing targets down there.”

View Company Profile

Contact:
Kim Evans
President/CEO
604.685.4655

by Ted Niles

Calibre reports Nicaragua Results of 9.37 g/t Gold, 64.8 g/t Silver over 5.8m

December 6th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningCalibre Mining Corp TSXV:CXB announced results from its Riscos de Oro Project in the Borosi Concessions of northeast Nicaragua. Assays include

9.37 g/t gold and 64.8 g/t silver over 5.8 metres
(including 13.82 g/t gold and 132.1 g/t silver over 1.8 metres)
4.4 g/t gold and 24.12 g/t silver over 8.6 metres
(including 8.71 g/t gold and 29.87 g/t silver over 2.3 metres)
8.74 g/t gold and 120.5 g/t silver over 2.6 metres
7.75 g/t gold and 15.49 g/t silver over 2.4 metres
4.23 g/t gold and 449.8 g/t silver over 3 metres
2.28 g/t gold and 11.56 g/t silver over 4.7 metres
(including 5.81 g/t gold and 26.5 g/t silver over 1.5 metres)

Chairman Douglas Forster stated, “In the Phase II Riscos de Oro drill program, Calibre has been successful in confirming the continuity of the gold-silver vein system in a 200-metre-long data gap between the areas of historic drill testing and the area newly identified by Calibre in the 2010 drill program. This resource delineation drill program also successfully added an additional 250 metres of confirmed strike length to the vein system northeast and southwest of the previously drilled areas, with gold-silver mineralization now confirmed over a strike length of 725 metres and to a depth of 299 metres.”

View Company Profile

Contact:
Mark Carruthers
604.681.9944

by Greg Klein

B2Gold reports Nicaragua Results of 26.87 g/t Gold, 9.72 g/t Silver over 8.4m

December 1st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningB2Gold Corp TSX:BTO announced assays from La Libertad Mine in Nicaragua. Results include

26.87 g/t gold and 9.72 g/t silver over 8.4 metres
3.45 g/t gold and 12.68 g/t silver over 19.9 metres
2.98 g/t gold and 34.22 g/t silver over 20.7 metres
(including 5.36 g/t gold and 68.17 g/t silver over 5 metres)
4.43 g/t gold and 39.58 g/t silver over 13.9 metres
4.86 g/t gold and 26.02 g/t silver over 12.2 metres
2.69 g/t gold and 25.78 g/t silver over 20.6 metres
5.14 g/t gold and 35.32 g/t silver over 10 metres
16.11 g/t gold and 17.64 g/t silver over 2.9 metres

A new resource estimate for the Jabali Central and Antenna deposits is planned for release in March 2012. The company began mining Jabali on November 14, delivering higher-grade colluvial material to La Libertad mill. B2Gold is projected to produce 93,000 to 99,000 ounces gold from La Libertad open pit mine in 2011.

View Company Profile

Contact:
Ian MacLean
VP of Investor Relations
604.681.8371

or Kerry Suffolk
IR Manager
604.681.8371

by Greg Klein

Calibre, B2Gold report Nicaragua Trench Results of 0.7 g/t Gold over 58m

November 14th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningCalibre Mining Corp TSXV:CXB in joint venture with B2Gold Corp TSX:BTO announced trench results from their Primavera Gold-Copper Prospect on the Borosi Project in northeastern Nicaragua. Assays include

0.7 g/t gold over 58 metres
(including 1.02 g/t over 24 metres)
0.25 g/t over 49.5 metres
(including 4.18 g/t over 1.5 metres)

B2Gold may earn up to a 51% interest in specific concessions within the Borosi area by funding $8 million by June 2014. Once the earn-in is complete, B2Gold may elect to carry an individual prospect within the concession through to a preliminary feasibility study for an additional 14% interest in the prospect. Calibre acts as operator.

View Company Profile

Contact:
Calibre Mining Corp
Mark Carruthers
604.681.9944

B2Gold Corp
Ian MacLean
VP of Investor Relations
604.681.8371
Kerry Suffolk
IR/Finance Manager
604.681.8371

by Greg Klein

A Healthy Hybrid

October 17th, 2011

B2Gold Grows With Auryx Buy

By Ted Niles

It is a rare company that hasn’t seen its share price take a beating this year. Rarer still, one that has seen the steady growth that B2Gold Corp TSX:BTO has. President and CEO Clive Johnson puts it down to strength of management, “beating your projections” and growth through exploration and acquisition. He adds, “Most explorers don’t produce; and most producers don’t find a lot. In our case, we’re a bit of a hybrid company. We’re producers, but we’re also very good at exploration. We always have been.”

True enough, as anyone familiar with B2Gold and its predecessor, Bema Gold, will attest. When Bema—a company which began as a grassroots explorer—was acquired by Kinross Gold Corporation TSX:K in 2006 for $3.1 billion, it had nine mines in five countries with reserves and resources of 50 million ounces gold, 80 million ounces silver and 2.9 billion ounces copper. Founded in 2007 (and retaining Bema’s executive and management team), B2Gold now has two producing mines in Nicaragua—La Libertad and Limon, with combined production in 2010 of 108,700 ounces gold—as well as other properties in Latin American and now, after its October 11 acquisition of Auryx Gold Corp TSX:AYX, Namibia.

B2Gold Grows With Auryx Buy

“Some people ask if we can handle all these projects in all these different locations, but I think you have to look at our history,” Johnson remarks. “All of us together in B2Gold built Bema Gold—so we’ve done it before in Russia, in South Africa, in Chile and now in Nicaragua. We have an unusually strong team from exploration all the way through construction and production. We didn’t go to Namibia saying we have to have something in Namibia—we’ve been looking at lots of projects. The [Otjikoto] project itself was the first thing that attracted us. We’re definitely ready to build another mine, and we have the team to do it. We’ve shown we can do it anywhere in the world.”

B2Gold acquired Auryx and its flagship Otjikoto gold project last week in a friendly-merger deal for $160 million. Otjikoto is located on the Damara Belt Formation—which also hosts AngloGold Ashanti’s Navachab Mine—and has a December 2010 NI 43-101 resource estimate of 1.16 million ounces gold indicated and 660,000 ounces inferred. In September 2011 Auryx released a positive preliminary economic assessment showing a pre-tax net present value of $301 million, and an internal rate of return of 42% (with gold at $1,300 per ounce).

“[Otjikoto] is a robust project economically,” Johnson continues. “We think there’s a lot of upside, and we think there’s a lot of optimization that can be done in a number of areas to make an already good project even better. It’s got a minimum 10-year mine life with, by 2015, [production of] 100,000 ounces per year. We think there’s upside on that, but that’s a long mine life. And Namibia is a very good jurisdiction. The logistics are fantastic; the tax regime is fair; and the mining law works. We think it’s a good acquisition for us, and it can have a significant impact on our production. By 2015, we’re looking at getting up over 300,000 ounces.”

B2Gold will visit the project this week. Auryx anticipated the completion of a definitive feasibility study by 2Q 2013, and while B2Gold will be conducting a detailed review, Johnson expects to follow the same timeline.

Meanwhile, B2Gold’s La Libertad and Limon mines in Nicaragua proceed apace. The company had gold revenues totalling $127.5 million in 2010—an increase of 517% from 2009—and expects to increase 2011 production to approximately 135,000 ounces. Also, exploration drilling at La Libertad in 2010 yielded the discovery of the high-grade Jabali target, which already has an inferred mineral resource of 522,000 ounces gold, increasing La Libertad’s total inferred resources by 180%.

We’re definitely ready to build another mine, and we have the team to do it. We’ve shown we can do it anywhere in the world —Clive Johnson

Johnson notes that the company’s Gramalote property in Colombia is becoming an important asset. It is a joint venture with AngloGold Ashanti (B2Gold holds 49%, AngloGold Ashanti 51%), with AngloGold as the project operator. “The 2.4 million ounces we started with there is definitely getting a lot bigger, and everything is looking very positive,” Johnson says. “Anglo is talking 250,000 to 300,000 ounces a year, and we think it might be larger than that.” Johnson expects an updated resource at Gramalote by the end of year.

The combination of good management, year-over-year production increases and aggressive exploration and acquisition have granted B2Gold a degree of financial independence unusual in the junior mining sector. Johnson reports, “We’re generating from the Nicaragua mines right now about $118 million of cash from operations. So we can do all of our capital spends at the mine and all of our exploration—our budget this year totalled $53 million—and we can take on [Otjikoto] as well and still maintain a really strong cash balance going well into the future. With [Auryx's] cash and our cash we’ll have about $100 million in cash and no debt or hedging.”

He concludes, “We’re looking at production growing from about 145,000 ounces this year to, within two years, over 200,000 ounces. Then up to 320,000 ounces or thereabouts by bringing the [Otjikoto] project on. Then there’s the Colombian project. So we see a path to approaching a half-million ounces a year from existing ounces. This puts us in a very unusual place in the sector right now. And there are more acquisitions to be done.”

At press time, B2Gold had 344 million shares trading at $3.36, for a market cap of $1.16 billion. Its other exploration projects in Nicaragua are the Trebol, Pavon and San Pedro properties, which it holds in joint venture with Radius Gold Inc TSXV:RDU; and the Borosi prospect, also a joint venture with Calibre Mining Corp TSXV:CXB. It also has the Bellavista property in Costa Rica, the Mocoa property in Colombia and the Cebollati property in Uruguay.