Dhanoa Minerals has signed an Letter of Intent on acquiring a controlling interest in the "El Escarabaja Dorado" Gold producer in Columbia
Dhanoa Minerals Ltd. has signed an Letter of Intent on acquiring a controlling interest in a gold mine.
- (1888PressRelease) October 08, 2010 - Toronto (Ontario) - Dhanoa Minerals Ltd. (Frankfurt WKN: A0LB3X; Kürzel: D7Z, Pinksheets: DHNA.
Dhanoa Minerals Ltd. has signed an L.O.I. (Letter of Intent) on acquiring a controlling interest in the "El Escarabaja Dorado" Gold producer in Giradato, Antioquia, Columbia, S.A.
Dhanoa Minerals has entered into a Letter of Intent to acquire a 70% working interest in the "El Escarabaja Dorado" Gold mine in the prolific Gold region of Giradata, Antioquia, Columbia. The property consists of 500 permitted hectares of surface and mineral resources which has numerous workable faces for production. The property has an existing 30TPD ball mill and ancillary production equipment. There are 7 exposed veins through the existing workings which average 20 gr Au/ton with widths between 60 cm to 2 meters. The existing workings are 30+ meters horizontal and down to 70 meters in depth. These veins can be traced on surface over 2 km in length. The highest assay to date came from the lowest level grading 344 gr./ton Au. There is a workable tailings deposit in excess of 1000 tons grading 10 gr. Au/ton or $400.00 rock.
The property has jet never explored properly so as to have a resource calculation. We can easily surmise by the high grades and length and widths of the workings that a substantial resource could easily be present.
L.O.I. Terms signed:
Payments to the owner should be completed over a one year period. The Financing will be project specific. With the 30TPD ball mill and our existing equipment we are able to generate cost-covering cash flow. The owner of the "El Escarabaja Dorado" Gold mine agreed to receive a gold loan from Dhanoa Minerals to compensate the outstanding amount.
$170,000 USD in property payments
$100,000 USD investment in equipment
$100,000 USD investment in Geology and Metallurgical studies to best affect production going forward
1,500,000 shares to owner over a 3 year period, 500,000 Shares/Year. The shares are pooled and locked over a three year period
This L.O.I. is subject to the following: property title; permitting; Geological and Metallurgical testing. The metallurgy testing will provide us with best method for recovering the gold.
Mr. Lee Balak, CEO of Dhanoa Minerals stated: "We are very confident of this initial L.O.I. This is our first step on building a mining footprint in mine friendly Columbia. We currently have two teams, one in Bogata, the other in Medillin working daily on our companies behalf pursuing opportunities to grow our company."
On Behalf of the Board of Directors,
Lee Balak
C.E.O.
Dhanoa Minerals Ltd.
Contact:
Dhanoa Minerals Ltd.
Corporate Headquarters
1330 Martin Grove Road
Toronto, Ontario
M9W 4X4
Phone: +1 604 537 9732
Website: www.dhanoaminerals.com
E-Mail: info ( @ ) dhanoaminerals dot com
About Dhanoa Minerals:
Dhanoa Minerals is a production stage company formed to acquire, explore, and
develop natural resource properties. Activities include gold production and
sales, further development of the Company's business plan and raising capital.
The Company has recently initiated a new program to evaluate undervalued
assets for potential addition to its mineral claim portfolio.
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