Chairman David Vilensky said Gale's vision and energy is invaluable while his willingness to spend long periods of time in Peru had benefitted the company.
Gale's key achievements during the last two years include:
- Completion of the Scoping study for the Guadalupito project;
- The maiden JORC Inferred Resource for Los Conchales;
- The successful sale of the Mariela project;
- The Earn In Option Agreement with Compañia Minera Zahena SA (CMZ) regarding the Ilo Norte project; and
- The acquisition of the Borborema Iron ore project in Brazil.
The recent agreement with CMZ provides the company with short term funding that would allow it to proceed with work at the Borborema Iron Ore Project while retaining a meaningful interest in Ilo Norte.
This consists of US$3.65 million cash and minimum exploration work commitments totalling US$5.35 million.
CMZ will immediately execute a six hole diamond drilling program totalling 4,800 metre and valued at about US$1.35 million.
Borborema is located between two existing export mines with strong infrastructure and could be fast tracked into production with a possible 3 year time-frame.
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