YMAD, the Argentine state-owned mining company, has received notice of the decision of International Musto Explorations (Antigua) to develop the Bajo de la Alumbrera gold-copper deposit.
Musto has optioned the property from YMAD (Yacimientos Mineros de Agua de Dionisio).
International Musto Explorations (Antigua) is owned 50-50 by International Musto Explorations (TSE) and MIM Holdings.
The deposit is 1,000 km northwest of Buenos Aires. MIM reports minable reserves of 638 million tons averaging 0.52% copper and 0.02 oz. gold per ton. It is estimated that, over 17 years, the mine will produce 500,000 oz. gold and 350 million lb. copper per year.
The parties are holding discussions with various financial institutions in an effort to arrange financing.
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