Mining Projects
The Los Mates Project in central Colombia has been known since 1946. Recent mineral testing undertaken at the site revealed average concentrations of 8.0 g/ton of gold and 3.0 g/ton of silver. Based on calculations of the size and extent of the auriferous formation, the amount of developed, proven, probable and possible reserves was estimated to be approximately 954,750 tons. Taking into account the average tenor of the mineral, continuity in the enrichment of the reef and with a recovery in the beneficiation of 80% (a figure that could be substantially improved with more sophisticated mining techniques), the Los Mates Project could yield upwards of 7,992.6 kg of gold and silver.
Based on current and projected infrastructure and development, the Los Mates Project has the capacity to produce more than 10,000 ounces of gold and approximately 1,500 ounces of silver every year. With current spot prices of gold at roughly $1000/ounce and silver at roughly $20/ounce, this level of production would yield more than $10 Million in gold and silver annually, and even more if the price of both continues to rise.