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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.”
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.