Thursday, 27th July 2006 (2465 views)

Reese has acquired a 100 per cent stake in a company which owns a potentially lucrative project in Central America.

Minera Jeronimo has mineral rights to the El Tiliche project, a 14,300 hectare site in north-west Sonora, Mexico. The project is situated on part of the gold belt that stretches from California to Sonora.

The belt hosts several productive mines. The Penoles-Newmont Harruda gold mine is 50 kilometres to the north-east of El Teliche and there are several others placed throughout the region.

The El Teliche concessions have been subjected to several exploration programmes over the past two years and now possess at least six targets ready for drilling.

Early surface samples have produced positive readings for both silver and gold and these results fare well when put in comparison with early readings from nearby mines.

The company's president and CFO, Chris Crupi, said "This acquisition is the first step in our commitment to acquire advanced-stage projects in proven resource districts.

"There are numerous operating mines and recent discoveries in the area surrounding El Tiliche and we are very excited to be adding such a promising property to our portfolio."

 

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