Exploration & Processing - Winter 2011 - (Page 116)
ESPERANZA RESOURCES CORP .
BY JIM HARRIS
ESPERANZA RESOURCES IS READY TO REACH THE NEXT LEVEL OF EXPLORATION AND PRODUCTION OF GOLD AND SILVER DEPOSITS IN MEXICO AND PERU.
Esperanza Resources Corp. is in the process of completing feasibility studies on deposits in Mexico and central Peru. The company says its principals have extensive experience developing other mining sites in Argentina.
Esperanza Resources Corp. www.epzresources.com HQ: Vancouver Employees: 16 Specialty: Precious metal
exploration experience is in Latin America; that’s where the deposits are.”
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n emerging exploration and development company is taking the next steps toward mining precious metal deposits in Mexico and Peru. Esperanza Resources Corp. is preparing to enter the final stages of a feasibility study regarding the mining of the Cerro Jumil project, located south of Cuernavaca in the state of Morelos, Mexico. A feasibility study was recently completed on the San Luis deposit in central Peru; the company hopes to move into development there next year, President Bill Pincus says. The estimated cost to develop mining operations at San Luis is $90 million, with the Cerro Jumil project expected to cost $70 million. The San Luis deposit is a high-grade gold and silver vein expected to be mined through traditional underground methods. The deposit is expected to yield 18 grams of gold and 450 grams of silver per ton and 78,000 ounces of gold and 1.9 million ounces of silver annually, Pincus adds. The project has a net present value of $109 million, according to the company. The San Luis project is a joint venture between Esperanza Resources and Silver Standard Resources of Vancouver. Silver Standard Resources is managing the project and owns the majority position on the deposit. The Cerro Jumil deposit is a bulk tonnage gold deposit that will be mined through open pit methods with heap leaching used for gold recovery. The deposit contains .83 grams of gold per ton, with a forecast annual production of more than 50,000 ounces and a net present value of $170 million. Esperanza – the sole owner of the location – hopes to begin production there within the next few years, Pincus says. Extensive drilling and testing have been conducted on both sites in recent years. The San Luis property was acquired in 2006, and the Cerro Jumil area was acquired in 2003. Relationship Building Pincus and other former executives and geologists from Sunshine Mining Corp. founded Esperanza Resources in 2002. Sunshine developed silver and gold mining projects in Argentina including the 155 millionounce Pirquitas silver deposit. “Our experience is in Latin America; that’s where the deposits are,” Pincus says. “There’s a long and rich mining history there.”
Bill Pincus, president: “Our
Table of Contents for the Digital Edition of Exploration & Processing - Winter 2011
Exploration & Processing - Winter 2011
A Natural Solution
After the Fallout
Uranium on the Rise
Galleon Energy Inc.
Gibraltar Mines Ltd.
The Municipal Group of Companies
Selwyn Resources Ltd.
Redmond Minerals Inc.
Copper Fox Metals
OFM Pump Inc.
Sunshine Oilsands Ltd.
Pacific Rubiales Energy Co.
Thermo Design Engineering
Alexco Resource Corp.
North American Palladium
Mammoet Canada Eastern Ltd.
Industrial Equipment Manufacturing Ltd.
Guyana Goldfields Inc.
Flotek Industries Inc.
Dominion Terminal Associates
Compressor and Engine Service LLC
BEHR Energy Services Ltd.
LoneStar Energy Fabrication
American Oil & Gas – The Goliath Project
Alberta Oilsands Inc.
Southern Petroleum Laboratories Inc.
Cochrane Technologies Inc.
Crystal Flash Energy
Energold Drilling Corp.
Esperanza Resources Corp.
Explorator Resources Inc.
Rush Sales Co.
Kimber Resources Inc.
Nelson Bros. Oilfield (1997) Services Ltd.
Gulf Copper and Manufacturing
Exploration & Processing - Winter 2011