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South American Silver Corp. (TSE:SAC) reports on the clarification of private ownership and an update on the Malku Khota project.
The press release is quoted as saying:
South American Silver’s 100% owned Malku Khota project has also been a private investment since its discovery by the Company in 2003 and has never had any COMIBOL involvement in the project. The Company confirms that its concessions covering over 50 square kilometers are in good standing with the government.
South American Silver’s President and CEO, Greg Johnson says:
“Based on our regular discussions with the Bolivian government we believe that they want to encourage foreign private investment in mining and that they specifically support the development of the Malku Khota project. The development and operation of the project will provide significant economic benefits to the local region and to Bolivia as a whole with approximately 1,000 new jobs created in the region during the construction phase and over 400 employees during operations. The Malku Khota project has the potential to become one of the largest new primary silver producing mines in the world and would also be one of the largest producers of the high-technology metals, indium and gallium. At base case metal price assumptions, cash flows, project valuations, and rates of returns have all strengthened considerably over previous studies, highlighting the value of this long life asset. We are excited about the significant opportunities to further optimize and enhance the economics of the Malku Khota project as we move into Pre-Feasibility in 2011 and Feasibility in 2012.”
Click here to access the entire news release.
Click here to access South American Silver’s company profile.