subject: Orfg.pk , Gold Could Have Huge Potential [print this page] ORFG, Orofino Gold Corp., ORFG.PK ORFG, Orofino Gold Corp., ORFG.PK
Many people dont realize that Colombia is the fourth largest country in South America .
Since the time of the Spanish conquistadors, there has been a demand for the many natural resources that Colombia has which includes gold, silver, emeralds, platinum and coal.
In the last decades of the 20th century, Colombia earned a bad reputation due to the operation of drug cartels and cocaine cowboys. Colombia has tried hard to revive its reputation and to clean up its image.
With the continuing strength of gold prices which have steadily risen over the past five years, Colombia is now getting more press for its mineral resources than its drug resources.
Ownership of gold and silver - along with quality precious metals mining shares - is becoming one of the hottest investments on the planet.
ORFG has several Gold development properties in Colombia, a current hot spot of gold production in the world markets.
At the ORFGs Senderos de Oro project, government recorded Gold production from the area has been significant with production records between 1987 to present of over 1,300,000 ounces. All production has been Artisanal (small miners) in nature and production continues to this day.
With the frequent occurrence of the very high grade gold vein systems in the central area of ORFGs Senderos de Oro project and with several small scale grinding and amalgamation mills in-place ORFG is planning to design a central processing and recovery facility that is modular in design (each additional module added creates 10,000 ounces of annual production) and will be capable of processing enough high grade material to produce up to 120,000 ounces of gold annually while ORFG continues to explore further the Primary Porphyry Target which is the bulk minable gold/copper porphyry systems.
ORFG has reviewed several engineering and design firms with gold production facilities design and operational experience and is currently creating a short list prior to engaging the design team.
ORFG intends to continue the relationships currently enjoyed with all government agencies, the local communities, as well as current production teams and will involve these groups in all major processing and production planning decisions.
More about ORFG at www.orofinogold.com
Construction on the Kibali project, potentially one of the world's largest gold mines, is being targeted to start in mid 2011, six months earlier than originally anticipated, project manager GOLD announced today.
Mark Bristow, chairman of Kibali and chief executive of Randgold Resources, said the earlier start-up target date was attributable to
the encouraging progress that had been made on the pre-development programmes as well as the active cooperation of the local community and the government of the Democratic Republic of Congo, which holds a 10% stake in the project through the parastatal OKIMO. Randgold Resources (NASDAQ: GOLD) and AngloGold Ashanti (NYSE: AU) each have a 45% interest.
As a first step in this regard, Kibali is creating new employment opportunities through the establishment of community-based businesses that will supply construction materials to the project. One of these is a brickmaking facility which will be producing 16000 bricks per day by September, while others will provide gravel and sand."Kibali is not only a mining development; it is also a major infrastructural project which will have a positive impact on the whole of the north-eastern DRC. The new road link with Uganda, for example, has already slashed living costs in the Kibali region by substantially reducing the cost of transporting food and other essentials there," Bristow said. He was speaking at an open day for media at the Kibali project site. The event was also attended by the Minister of Portfolio, Her Excellency Madame Jeanine Mabunda, senior government officials and executives from Randgold Resources, AngloGold Ashanti and Okimo.
GOLD is an African focused gold mining and exploration company with primary listings on the London Stock Exchange and NASDAQ. Major discoveries to date include the Morila deposit in southern Mali, the Yalea deposit and the Gounkoto deposit, both in western Mali, the Tongon deposit in the Cote d'Ivoire and the Massawa deposit in eastern Senegal.
Randgold's current major projects are Gounkoto on the Loulo permit in Mali, Massawa in Senegal and Kibali in the Democratic Republic of the Congo. In 2009 the company acquired a 45% interest in the Kibali project, which now stands at 9.2 million ounces of probable mineral reserves and is one of the largest undeveloped gold deposits in Africa. Randgold also has an extensive portfolio of organic growth prospects, which is constantly replenished by intensive exploration programmes in Burkina Faso, Cote d'Ivoire, DRC, Mali and Senegal.
For more information visit www.randgoldresources.com
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