The Canadian company B2Gold will be extending exploration activities in the La Libertad gold mine for seven years and operating six other projects in other parts of the country.
The process of conversion of the La Libertad gold mine, initiated by the Canadian B2Gold and which currently extracts between 140,000 and 150,000 troy ounces of gold a year, will continue for seven years, according to statements made by company representatives.
Falling gold prices in the international market are worrying the mining sector, but are not a reason to stop investing in the country.
In an interview in Laprensa.com.ni by Lucia Navas with Pablo Venturo, B2Gold's country manager, the official explains how the company's operations are in Nicaragua and their expectations for the future.
According to Venturo, recently there has been a significant drop in international prices, however, they are waiting to see what the trend will be over the next few months. "When we started operations in the country in April 2009 the price of gold was $850, since then there was an upward trend reaching its peak in 2011. In 2009 we started with major investments such as the acquisition of properties and the reconstruction of Mina La Libertad, which helped double production from forty thousand ounces a year to its current capacity of 130 thousand ounces. That was an investment of $74 million between 2009 and 2010. That investment has allowed us to maximize our revenue this year and leaves us ready and in a robust position to face a complex future. "
While the outlook is expected to improve at the international level, the mining industry in Nicaragua has announced that it is prepared to withstand the collapse of gold prices.
According to Pablo Venturo, B2Gold mining manager, the investments of about $400 million which have been implemented over the past four years has allowed them to be ready today for the collapse of gold prices in the international market.
Three companies from the U.S. and Canada have acquired concessions rights for exploratory mining, with investments of about $5 million.
The new concessions add to those already existing in the country, in which a total of $12.7 million have been invested between January and May 2011, according to the Ministry of Energy and Mines (MEM).
Karla Guerrero, director of the Mining Chamber of Nicaragua told reporters that of the total investment, about $10 million has been earmarked for exploration and that at the current rate, investment could top 2010 levels of $20.7 million.
Calibre Mining Corp. and B2Gold and have begun the second phase of exploration of the Primavera gold and copper mine.
In a press release, Calibre explained that this phase of exploration has an available budget $441,000, and that they will focus on three areas that show a potential of up to 1.48 grams of gold per ton.
Calibre will act as the project operator, via a purchase option agreement with B2Gold, which could leave them with 51% of concessions in the Borosi area subject to financing $8.32 million worth of costs by June 2014.
The Canadian mining company B2Gold Corp. has announced positive results in the drilling for gold in La Libertad mine.
B2B released the results of drilling carried out as part of its exploration programs at La Libertad Mine located in Nicaragua. These results extend through the area of Jabali, and show potential for extracting about 100 meters below the current exploration area.
The Government approved the swap of gold mine concessions between B2Gold Corp and Condor Resources.
Under the agreement between the two companies the concessions known as "La India" and "Espinito San Pablo" will be unified under the name "La India Gold" and will be owned 80% by Condor and 20% by B2Gold Corp.
The concession called "Cerro Quiroz" will be renamed "Cerro Quiroz Gold" and will be owned 80% by B2Gold and 20% by Condor Resources.
Canadian mining corporation Condor Resources has been granted a 25 year exploration and mining concession in Nicaragua.
The 22.5 kilometer area is located in La Libertad – Santo Domingo, and adds to Condor’s 5 existing concessions in the country.
From Proactiveinvestors.com: “According to Condor, the Cerro Quiroz vein was discovered in 2003 by Canadian explorer Chesapeake Gold Corp (TSX-V: CKG) which defined a north-south trending quartz vein grading up to 17.8 grams per tonne gold over more than 1500 metres strike length”.
The company announced exploration results from the Jabali vein, located nine kilometers east of its 100% owned Orosi Mine.
The Orosi Mine commenced production in January 2010.
The Jabali vein system is at the east end of a 20 kilometre long belt of gold bearing veins on the Orosi property. Jabali is an east-west trending, low sulphidation epithermal quartz vein system which was mined for its high grade ore from 1862 to 1956.
Calibre Mining and B2Gold Corp. will explore gold in the "Borosi" mining project.
Calibre reported that a $2.3 million work program and budget has been approved by B2Gold Corp at Borosi project in the Bonanza-Rosita-Siuna areas of northeast Nicaragua.
Calibre purchased the 71,000 hectare Borosi Gold-Copper project in July 2009; the company subsequently entered into a joint venture agreement with B2Gold to further explore and develop the project.
The company B2Gold Corp. could acquire up to 65% of the gold and copper mining project NEN.
The gold and copper mining Project NEN, currently property of Canadian Calibre Mining Corp, is located on the North Atlantic side of Nicaragua, and covers 70,976 hectares.
B2Gold Corp executed a letter of intent, through which it could acquire 51% of the project by making an investment of $7 million on exploration and other projects before 2012 and an additional 14% in a selected area of the project upon completion of the preliminary feasibility studies.