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To: ms.smartest.person who wrote (1448)	10/7/2006 12:34:06 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 3198

1995/02/10 - Ecuador gold project untouched by fighting - TVX Gold project will proceed despite Peru-Ecuador border dispute - Brief Article American Metal Market, Feb 10, 1995 by Michael Kepp RIO DE JANEIRO - The continuing jungle border dispute between Peru and Ecuador will have no effect on plans by TVX Gold, a Canadian group headed by Brazilian businessman Eike Batista, to invest $9 million this year on the Condor gold property in Ecuador 80 kilometers (50 miles) from the hostilities. "The closest the fighting has been is 50 kilometers (31 miles) away," said John Hick, president of the Toronto-based gold producer. "Most of the fighting has been 80 kilometers south of us. There's no military anywhere near our property." In the event of an outbreak of fighting, "we're in a position to move people out safely. We won't take chances with our people," Hick said. "Plus, the Ecuadorian army is keeping us informed of any change in the situation." The Ecuadorian army has a "carried interest" in the property, Hick said - TVX owns all of the common shares and is responsible for all of the capital investment, while the army is entitled to a royalty on profits. If TVX's prospecting confirms preliminary studies, TVX will begin Condor mining operations in 1997 with an initial 7-metric-ton-per-year capacity and a secondary-stage capacity of 14 tons per year, according to Brazil's Gazeta Mercantil newspaper. The investments in Condor could reach $200 million, according to TVX estimates. The company, along with joint-venture partner Newmont Mining Co., also is planning a $1.7-million investment in the San Fernando gold project in central Ecuador. "That property is nowhere near the fighting," Hick said. Each country has accused the other of starting the conflict in the rugged, jungle-covered region on the eastern edge of the Andes. In dispute is a 62-kilometer stretch of land that is reported to have uranium deposits and possibly oil reserves in addition to gold. COPYRIGHT 1995 Reed Business Information COPYRIGHT 2004 Gale Group Ecuador gold project untouched by fighting - TVX Gold project will proceed despite Peru-Ecuador border dispute - Brief Article Michael Kepp RIO DE JANEIRO - The continuing jungle border dispute between Peru and Ecuador will have no effect on plans by TVX Gold, a Canadian group headed by Brazilian businessman Eike Batista, to invest $9 million this year on the Condor gold property in Ecuador 80 kilometers (50 miles) from the hostilities. "The closest the fighting has been is 50 kilometers (31 miles) away," said John Hick, president of the Toronto-based gold producer. "Most of the fighting has been 80 kilometers south of us. There's no military anywhere near our property." In the event of an outbreak of fighting, "we're in a position to move people out safely. We won't take chances with our people," Hick said. "Plus, the Ecuadorian army is keeping us informed of any change in the situation." The Ecuadorian army has a "carried interest" in the property, Hick said - TVX owns all of the common shares and is responsible for all of the capital investment, while the army is entitled to a royalty on profits. If TVX's prospecting confirms preliminary studies, TVX will begin Condor mining operations in 1997 with an initial 7-metric-ton-per-year capacity and a secondary-stage capacity of 14 tons per year, according to Brazil's Gazeta Mercantil newspaper. The investments in Condor could reach $200 million, according to TVX estimates. The company, along with joint-venture partner Newmont Mining Co., also is planning a $1.7-million investment in the San Fernando gold project in central Ecuador. "That property is nowhere near the fighting," Hick said. Each country has accused the other of starting the conflict in the rugged, jungle-covered region on the eastern edge of the Andes. In dispute is a 62-kilometer stretch of land that is reported to have uranium deposits and possibly oil reserves in addition to gold. COPYRIGHT 1995 Reed Business Information COPYRIGHT 2004 Gale Group findarticles.com ECUADORMINING