Miramar increases interest in Cuban projects

An additional 25% interest in two Cuban properties has been acquired by Miramar Mining (VSE) from Matlock Mining of Australia.

The Vancouver junior now owns 50% of both the Hierro-Mantua copper leach project and the Delita gold project, with Cuba holding the remaining half. Hierro-Mantua, 150 miles west of Havana, is a high-grade deposit amenable to solvent extraction and electrowinning. It contains minable reserves of 4.3 million tons grading 3.47% copper, according to a previous feasibility study. Wright Engineers is reviewing the project for Miramar.

The Delita deposit, south of the Cuban mainland on the Island of Youth, has estimated minable reserves of 9.4 million tons grading 0.135 oz. per ton gold equivalent. Much of it outcrops and can be mined via open pit. While most of the ore is refractory, it is amenable to gravity and flotation concentration followed by pressure oxidation or bio-leaching.

Miramar acquired the additional interests by issuing Matlock 300,000 Miramar shares. It has agreed to pay a further $300,000 to Matlock on completion of project funding for Hierro-Mantua and a further $50,000 on completion of a feasibility study on Delita. Matlock will retain a 12% net profits interest in Miramar’s share of both projects.