Greystar Granted Integrated Mining Concession at Angostura
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 14, 2007) - Greystar
Resources Ltd. ("Greystar") (TSX:GSL)(AIM:GSL) is pleased to report that
key property claims over its wholly-owned multi-million ounce Angostura
gold-silver resource in northeastern Colombia have been consolidated into a
mining concession.
"This is an important milestone for Greystar," said President David Rovig.
"After years of diligent work, the official granting of the current
integrated claim 3452 resolves the small but important corridors of ground
that had not been officially titled to Greystar and it allows for a five
year transition period to facilitate exploration and construction before
going into production."
On the 8th of February, the contract for the Integration claim 3452 was
signed at INGEOMINAS, the Colombian Government Agency responsible for
mineral concession. This new claim covers a 5,244 hectares area and
comprises existing claims Nos. 3452, 0110-68, 0102-68, 0140-68, 0300-68,
0302-68, 0045-68, 0047-68, 13356, 13929, GB3-091 and the two proposed
contracts 370-68 and HDB-082. The consolidated land package also includes
important concessions such as contract GB3-091, which covers 7 key hectares
in the prospective but yet untested Violetal area and concession proposal
HDB-082, which covers 33 hectares in the area of the Angostura deposit. The
latter concession covers the fractions that arose between different claims
within the block and this resolves the corridors that had not been
previously titled to Greystar.
The new integrated concession is a mining concession that has a starting
date of 1990. The date of the oldest and principal mining concession in the
group is 3452, which has a 30 year duration. According to the mining law,
upon termination of that period in 2020, the concession can be renewed for
another 30 years. Greystar is also pleased that exploration application
S370-68 comprising 1,500 hectares and located to the north of the project
area, has been issued concurrently and has also been integrated into
Concession 3452. This concession covers the area of proposed surface
installation such as leach pads and tailings. Greystar already holds
surface rights to this area. The consolidated concession excludes three
claims that were not covered by the current mining law; these are 101-68,
127-68 and the Armenia claim P6979.
"The new concession 3452 covers all areas of mineralization and potential
structures explored by Greystar to date on its Angostura property," stated
Executive Vice President, Frederick Felder, P.Geo. "Importantly, there are
no longer any open fractions in areas where there are mineral resources or
known potential targets."
Greystar now has a total of 16,013.3 hectares in concessions in the
Angostura area.
Based on the December 2006 resource update estimation, the Angostura
deposit hosts an indicated resource of 7.42 million ounces of gold in 173.4
million tonnes of material grading 1.33 grams gold per tonne and an
inferred resource of 4.2 million ounces of gold in 80.9 million tonnes
grading 1.62 grams gold per tonne. Resource estimation was undertaken in
compliance with CIM Mineral Resource and Mineral Reserve definitions that
are referred to in National Instrument (NI) 43-101, Standards of Disclosure
for Mineral Projects. A location map of the Angostura drilling, along with
a map of the underground tunnel work, and an updated concession map can be
accessed from our home page link at Greystar's website:
www.greystarresources.com. |
