Penoles leading private company

Within Mexicos private sector, Industrias Penoles is the acknowledged leader in the exploration game.

Together with subsidiary Fresnillo, it contributed US$13 million of the US$20 million spent by private Mexican companies on exploration last year. The balance of the US$50 million spent on exploration in 1991 was put up by various federal agencies including the Consejo de Recursos Minerales (mineral resource council).

A joint venture partner with International Corona (TSE) at the Las Torres and Encantada silver mines, Penoles is involved in the La Cienega discovery in the state of Durango where reserves within an epithermal-type vein system stand at 1.3 million oz. gold equivalent.

Penoles has also taken over ownership of the Bismark property in northwestern Chihuaha where reserves stand at 18 million tonnes grading 18% zinc. Scheduled to be up and running this year, Bismark has a targeted operating capacity of 2,500 tons per day.