Fresnillo to Invest Further in Coneto Gold-Silver Project

Mining Weekly reported that Fresnillo plc (LSE:FRES) plans to directly move forward with the second investment option at the Mexico-based Coneto gold-silver project after it has “met the exploration expenditures of the first investment option.”

As quoted in the market news:

Under a February 2012 agreement between Fresnillo and explorer Orex Minerals, Fresnillo committed to spend $2-million on initial work, followed by the first investment option of $2-million, both of which had now been completed. To date, exploration expenditures had exceeded the $4-million mark.

Under the second option stage, Fresnillo would spend $2-million more and had already started. Three diamond drill rigs were in operation at Coneto as part of a 10 800 m 2014 drill programme. A joint technical committee, with both Orex and Fresnillo representation, was managing the Coneto exploration programme, Orex said on Thursday.

Click here to read the full Mining Weekly report.