Grenville Gold Corporation, a mining and exploration company developing assets in Peru and Ecuador, has attracted attention of international investors. The company has acquired control of four past-producing silver, copper, lead and zinc mines from the Peruvian government, all of which were in production for thirty years or more. Historical evidence supporting these mines and Grenville's Ecuadorian La Tigrera property demonstrate the company's dedication to secure investments.
On October 18, 2006, the Company proposed the purchase of the 698 hectare La Tigrera gold project located in El Oro, the gold province of southern Ecuador. Grenville secured a 100% interest in the La Tigrera mining concession from underlying option holder Jaime Rhon, a private individual with accreditation in geology and engineering. The property is located approximately 50 kilometers from Machala, the capital city of the El Oro province. Access to the site is by a well maintained two lane asphalt highway. The concession itself totals approximately 1662 hectares in area. The site is also served year round by a fresh water supply from the Tiger River, (Rio la Tigre).
The project was previously held by Climax Mining Corporation of Australia, who performed approximately US $3,000,000 of exploration work including surface sampling and a core drilling program. Climax estimated a resource of 723,000 ounces of Gold and 2,892,000 ounces of silver.
The deposit at La Tigrera is of epithermal low sulfur rock. The gold is located at the optimal area of intrusive rock which has suffered oxidation and produced a reserve of thick ore grains. The total body depth is 110 meters, 60 meters above the surface level in overburden and 50 meters below. Due to the geologic and topographical characteristics of the soft ore body, the reserves will be extracted with much less difficulty and expense than gold that is suspended and mined from hard rock.
The geological assay results for the La Tigrera concession revealed approximately 7,544,000 metric tones of ore grade material. Average head grade per ton of material sampled revealed approximately 2.635 grams of gold per ton and approximately 4.0 grams of silver per ton.
"The property is exciting because it has had previous work done on it by an Australian company called Climax back in the 1990's. Unfortunately, when gold took a turn for the worse and went down considerably, they had to let go of the property because they couldn't raise the money or couldn't find the people to auction it" states Grenville's president and CEO Paul Gill in a recent live interview.
On January 17th, 2007, through its proposed Peruvian subsidiary, IMA, the Company announced that it had acquired the past producing Pacococha and Milotingo Mines in the San Mateo Mining District, Province of Huarochiri, Department of Lima, Peru. On January 18th, 2007, the acquisition of two additional past-producing mines-the Silveria and Germania Mines-was announced. All four of these mines were acquired directly from the Ministerio de Energia Y Minas Peru. Previously referred to as the San Mateo project or as individual mines, the Company has now renamed the entire project the Silveria properties and is expecting an assessment report on the project from Minefill Services Inc. which will guide future work.
Solway Andes SAC, a subsidiary of the Solway Group, plans to send three senior geologists to Peru for one month to conduct a site visit at Grenville Gold Corp.'s Silveria project, review data from various Grenville projects and meet with Grenville project consultants, managers and geologists in order to complete its due diligence.
"It is the goal of Grenville to discover and develop high-grade deposits," stated Paul Gill. "Having our strategy of building shareholder value garner attention from a significant international player like Solway indicates we are on the right path."
Solway Andes S.A.C. is a South American subsidiary of Solway Management which is a sole and exclusive asset management company of Solway Investment Fund, a private equity investment fund specializing in worldwide strategic investments. Solway Investment Fund is owned by a small group of experienced international investors and employs over 8,000 people worldwide. In the past, Solway Management's pro-active role has included anything from being a private investor to running mining operations.
On July 10, 2006 Grenville signed agreements to acquire up to 95% of the mineral rights over a contiguous six kilometer parcel of land located 100 km southeast of the City of Lima in the Province of Canete. As recently as the mid-90s there were two producing copper mines on either end of the property. These mines were shut down as a result of extremely weak global copper prices.
Grenville has received initial assay results from the Espanola sampling program and will report on the results as soon as possible. At present, the company is open to accepting proposals for the continued exploration and/or development of this project before making further decision.
In regard to the Silveria project, Len De Melt, Grenville Chairman, will be attending meetings in Peru with Solway and reviewing progress on the scoping study, 3-D modeling, topographical mapping, tailings assessments, community meetings and review further potential acquisitions.
Industry veteran De Melt is an engineering technologist and a graduate of the Haileybury School of Mines. He also holds a Bachelor of Arts degree in business and economics and a diploma of mechanical studies from the British Columbia Institute of Technology. He has held management positions with 12 mining companies internationally and was instrumental in starting and building six mines, including Gulf Oil's Rabbit Lake mine (uranium), Syncrude mine (oil sands), Denison Mines' Quintette (coal), Homestake's Golden Bear mine (gold), BHP's Ekati mine (diamonds) and Goldust's Croiner mine (gold).
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