Minitas/La Cobriza Mine, Durango State, Mexico
In June, 2007, the Company signed an option to purchase the Minitas/La Cobriza Mine, in San Dimas District, Durango State, Mexico.
The district is in the central portion of the Sierra Madre Occidental, famous for its abundance of profitable precious and base metal mines. The property lies within the San Dimas low-sulphidation epithermal system- an area of productive quartz veins that historically produced over 655 million ounces of silver and 9.33 million ounces of gold. This occurred during 250 years of underground mining exploitation from over 120 different veins.
Goldcorp's Luismin operation at Tayoltita is just to the west and north of the Minitas. They produced 163,300 oz. of gold, and 6,965,600 oz. of silver averaging 6.50 grams of gold, and 344 grams of silver per tonne in year 2007. Cash costs for the project were US$131 per ounce in 2006, the last year this figure was reported. (Source: www. goldcorp.com) Goldcorp is increasing their mill capacity, and is open to accepting mill feed from other projects in the area.