eco oro minerals in columbia

Eco Oro Minerals Is Onto Something In Columbia

Today when you look at the stock charts of many gold miners today, they all look the same. Most are sold off, look almost forgotten, sitting on 52 week or in cases even, historic lows. That also goes true for a lot of the other mineral explorers, whether it be copper, zinc nickel etc. Aside from the uranium sector though, most likely 90% of the juniors are down. But when it comes to gold, there is one explorer that is out shining them all and that junior is the one we will look at today. The junior we are going to look at is Eco Oro Minerals EOM.

Eco Oro Minerals is a precious metals exploration and mining development company with a portfolio of projects in Colombia. Their main focus is on their wholly-owned, multi-million ounce Angostura gold-silver deposit, located in northeastern Colombia. The Angostura Project, is located in the Soto Norte region of the Department of Santander in north-eastern Colombia. According to the 2012 World Gold Deposit Ranking, conducted by Natural Resource Holdings, Ltd., Angostura is by grade among the top 50 undeveloped deposits of more than 1 million ounces in the world.

The main Angostura deposit has four key satellite prospects: Mongora, La Plata, Armenia and Violetal. Including the Angostura Project, the Company has concessions, exploration licenses and exploitation permit areas covering an area of approximately 30,000 hectares. Only about 10% of the concessions, licenses and permit areas have been explored.

A National Instrument 43-101 compliant technical report dated March 23, 2012 indicates that Angostura has the potential to produce 222,000 to 303,000 gold equivalent ounces for 10 years at a rate of 6,000 tonnes per day. Just yesterday news was released and mentioned an updated NI 43-101. The updated NI 43-101 Mineral Resource Estimate - In recent months, following the announcement of the Santurban Paramo boundaries, the Company retained Micon International Ltd to prepare an updated mineral resource estimate. The updated mineral resource estimate will incorporate drilling (largely infill) not included in the 2012 PEA (approximately 40,000 meters of drilling in 96 holes) and will provide the basis for further engineering analysis. The updated mineral resource estimate is substantially advanced and is expected to be completed at the end of May 2015.

Also in the latest new release, the comany mentions it has retained NCL Ingeneria y Construccion SpA, Santiago, Chile to re-assess the underground mine capacity of the Angostura Project. The main objective of this study is to establish a production rate that is sustainable and contributes to a reduced Project footprint while maintaining optimum levels of potential precious metal production. NCL are considering various mine planning aspects such as:

  • Long term mining schedule
  • Applicable mining methods
  • Cut-off grade estimates
  • Productivity estimates
  • Order of magnitude of underground development requirements

The company stock trades on the TSX and at present there is 84 million shares outstanding. The stock has seen a 52 week low of 14 cents and a high of 95 cents. A quick look at the chart shows the MACD crossed over about a week ago. Firmer gold prices and more positive future news could keep this stock price well on an upward trend.

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