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Wednesday, 28th March 2007 (3052 views)

Aura Gold, a Canadian based exploration company, has announced that it is to take on the Arapiraca project.

The project, which is based in north-eastern Brazil, has a total area of 150,000 hectares and is likely to grow as more licence applications are being filed.

The agreement, which will see the land taken from Zoneplan Limited and Repalla, is subject to a number of approvals and other processes before it becomes official.

"Completion of this major acquisition has the potential to turn Aura Gold into a mine developer and production company - a significant move for a one-year-old exploration company," said president of the firm Vic Bradley.

"The advanced stage Serrote da Laje is similar to Yamana Gold's very successful Chapada Mine with significant infrastructure and the iron ore potential.

"Chapada went from an advanced exploration project to a commercial copper and gold producer in less than three years," he added.

Work first began in the Arapiraca region following the Brazilian Geological Survey in 1977, which discovered that there was copper present.

Copper-gold was first mined there in 1982 and was followed by two major drilling campaigns in the 1980s and 1990s.

 

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