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Thursday, 29th January 2009 (1011 views)

Shoreham Resources has announced that it has made further developments regarding alluvial gold production at its Marudi Mountain gold project.

Located in Guyana, the Marudi Mountain prospect includes the partially-explored Mazoa, Marudi and Peace Creek gold deposits.

The Canadian company has the right to earn a 75 per cent working interest in the property by exercising the right to acquire shares in Vanessa Ventures subsidiary Romanex Guyana Exploration.

Under the terms of the deal, Shoreham must invest a total of $4 million (£2.8 million) in Marudi Mountain by March 2011 in order to acquire 75 per cent of the shares of Romanex and currently expects to meet its requirements ahead of schedule.

Shoreham has an agreement with alluvial mine operator Rexma Participacions to commence sustained production at the Marudi Mountain gold project and a definitive mining plan is expected by March 31st 2009, with production scheduled to begin by November 1st this year.

Based in Langley, British Columbia, Shoreham Resources is an exploration company focused on advanced gold deposits in South America and Canada.

 

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