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Canada : Colombian Mines Awarded Consolidation of Yarumalito Project from Colombian Government
Publish Date : 04-Jun-2012
Colombian Mines Corporation is pleased to announce that it is in receipt of the administrative act confirming the integration of the Company’s Yarumalito project originally composed of six individual licenses into a single integrated license.
The consolidation of Yarumalito is a very important and positive step for the Company that materially improves and simplifies management of exploration, development and production throughout the life of the project. Originally composed of six separate licenses all filed on widely varying dates, each license was required to have separate Environmental, Work and Production plans and reports, and at production each license would have been required to show “stand alone†economics, potentially requiring six separate Feasibility Reports. As an integrated license the property is managed as a single, new license and will be eligible for up to 11 years of exploration and valid for production through December 4, 2032. The production contract may be extended for an additional 20 year term, until December 4, 2052. The entire property will now be covered by the same Environmental Management, Work and Production plans.
About Colombian Mines Corporation - Colombian Mines Corporation is a junior exploration and development stage company with a distinct “first mover†advantage in Colombia and the largest portfolio of 100% direct owned mineral assets among comparable companies in Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is also one of Colombia’s leading “Prospect Generators†and applies an aggressive business model of organic growth through exploration and development of its key projects while leveraging shareholder value through strategic alliances on non-core assets. Colombia is widely recognized as a highly prospective, under-explored country with exceptional mineral wealth and potential.
