LATIN AMERICA — Raudin examines Venezuelan gold project

Two studies have been completed for the San-Luis-Hansa gold concession in Venezula, reports Raudin Exploration (RAU-M).

The Montreal-based junior retained Geomex to calculate a mineral resource for the project, a modest-sized producer. Reserves in all categories were calculated at 304,470 tonnes grading 3.14 grams gold, amenable to open-pit mining. The calculation does not include possible mineral resources in the North, South and Jardine veins, or in a newly discovered zone on the concession.

The independent consulting firm recommended an exploration program at a cost of $555,000 to evaluate and upgrade additional reserves on surface and to investigate possible extensions of known zones.

Pellmon, a member of Kilborn SNC-Lavalin, recommended an expansion of the heap-leach pads and the existing carbon-in-pulp mill. The annual capacity of the mine would then be 332,500 tonnes producing 33,000 oz. gold at an average cost of US$174 per oz.