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Thursday, 26th March 2009 (3561 views)

Gemini Explorations has revealed that it is in negotiations with a Bolivian refining company to process the gold found at its La Tapata mine.

The firm said it had identified the refiner as a company with experience of extracting the precious metal from material similar to that found at La Tapata.

Such ores can yield 9.38 grams per tonne of gold when subjected to the sort of processes used by the Bogota-based refinery, Gemini noted.

Describing the company as "excited" by the potential the partnership offers, chief executive Michael Hill stated: "The use of their facility would allow an almost immediate initiation of mining operations at La Tapata."

He added that the cash flow from the project would then "expedite the expansion of our efforts to fully develop that property".

In other gold news, Glencar Mining has signed a letter of intent with a subsidiary of Gold Fields to provide up to $40 million (£27.5 million) in funding for a project in Mali.

This will help secure a "substantial" level of investment in the Komana project, Glencar said.

 

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