Fremantle-based minerals company Cleveland Mining has secured three mining projects in central Brazil which the newly-formed outfit hopes will deliver significant production levels following detailed geological investigations of the projects.
Fremantle-based minerals company Cleveland Mining has secured three mining projects in central Brazil which the newly-formed outfit hopes will deliver significant production levels following detailed geological investigations of the projects.
The projects - Premier, Bau and Gaurinhos - are located in a known gold region in the state of Goias and abut tenements held by AngloGold, Kinross, Yamana and Vale, amongst others.
The cornerstone project of Cleveland's acquisitions is the Premier gold tenements which adjoins the highly productive Serra Grande deposit, held by Kinross and AngloGold Ashanti.
Full announcement below:
PERTH, AUSTRALIA, OCTOBER 5, 2009: Newly-formed Australian minerals company Cleveland Mining has secured 3 mining projects in the state of Goias in central Brazil. The projects - Premier, Bau and Gaurinhos - are located in a known gold region and abut tenements held by AngloGold, Kinross, Yamana and Vale, amongst others.
Managing Director, David Mendelawitz said, "All three of these projects have solid potential. Brazil still has some significant advantages over Australia, in that high-potential projects can still be acquired and mined for a fraction of the cost."
"Brazil has some of the world's best mining regions, which until this day have never seen advanced modelling, imaging and modern mining techniques - and they are still making money. That's more than can be said for many mines back in Australia."
The cornerstone project of Cleveland's acquisitions is the Premier gold tenements. Of the 15 concessions, the mining-approved concession adjoins the highly productive Serra Grande deposit, held by Kinross and AngloGold Ashanti. Serra Grande hosts an inferred resource of 8.4 million tonnes at 4.81grams per tonne for a total of 1.3 million ounces. To date they have recovered close to 2 million oz, with total annual production of approximately 194,000 ounces and costs per ounce at US$262 in 2007 and US$294 in 2008.
"Mining at Serra Grande has occurred right up to the border of the Premier mining concession, which suggests that the mineralization can be reasonably expected to run straight into Cleveland's claim. Identical geology to Serra Grande can be seen on the surface of Cleveland's ground, a long way from the tenement boundary," said Mr. Mendelawitz.
The remaining gold projects, Bau and Guarinhos are situated 140km and 15km from Premier respectively.
"Bau has grabbed our attention because samples of the major structure run up to 10 ounces per tonne just below the surface."
Cleveland Mining plan to conduct detailed geological investigations of the projects.
Cleveland Mining is a newly formed, Australian-managed, privately-owned minerals company squarely focused on developing projects to owner-operate.
Cleveland Mining has secured 3 mining projects in the state of Goias in central Brazil. The projects, named Premier, Bau and Gaurinhos, are located alongside tenements held by AngloGold, Kinross, Yamana and Vale in a well-known gold region.
The Company has a different approach to project selection, with project economics driving target selection. Size, grade, depth, local costs and infrastructure are rigorously scrutinised before entering into a project. Projects are chosen according to their ability to generate returns at the bottom of the economic cycle. Cleveland only operates in areas backed by both mining and corporate laws that provide stable and transparent operating environments. This enhances the likelihood of solid investor returns.
Cleveland's management team have all successfully led high-profile projects across the world. This experience positions the Company to acquire quality projects and develop them with stability, sustainability and profits squarely in mind.
