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Friday, 21st September 2007 (2748 views)

Goldcorp is poised to invest $1.2 billion (£596 million) in one of Mexico's largest gold deposits, according to Reuters.

This news comes as the international news agency also reported that the Mexican government has announced that it expects to see $15 billion (£7.4 billion) worth of private investment in its mining industry over the next ten years,

The Penasquito project, located in the Mexican mining state of Zacatecas, is a 100 per cent subsidiary of the Goldcorp, a Vancouver-based mining company.

The project is made up of two main deposits – Chile Colorado and Penasco.

Drilling at the site in July 2006 confirmed the existence of a significant amount of ore at Penasquito.

According to Goldcorp, in June, the Mexican project was estimated to have proven and probable reserves of 13 million ounces of gold, while measured and indicated gold reserves were projected at 17.8 million ounces.

Construction of a mine at Penasquito is expected to be complete for an initial startup in 2008, with full production running by late 2009.

 

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