LATIN AMERICA — Rhodes incorporates new company

In order to focus on its Central European gold projects, Rhodes Mining (RHO-V) has incorporated a new company, Hyperion Resources (soon to be listed on the Vancouver Stock Exchange) to hold its Cuban gold prospects and several prospects in Fiji.

At the same time, Rhodes is spinning off its Australian gold exploration assets into a new Australian-listed company, Kirkwood Gold.

Hyperion has already raised some initial capital and is setting up an office in Vancouver to manage its Cuban exploration effort.

Rhodes was one of the first foreign companies to take an interest in Cuba’s mineral potential by entering into a 50-50 joint venture with the state-owned mining agency, Geominera, to explore various projects in the country.

As a result of this work, Hyperion secured an exploration area in the east of the country, encompassing old mining districts. Field work started in 1994.

Diamond drilling has been carried out in the Holguin area, with seven holes completed for a total of 509 metres. All but two holes intersected anomalous mineralization, with the best results being 1.25 metres grading 3.3 grams gold per tonne and 2.15 metres of 5.9 grams in two separate areas. The gold mineralization occurs in zones of intense hydrothermal alteration, dissected with several shear zones.

Hyperion intends to do follow up work to test existing gold showings, as well as trenching, mapping and sampling to test earlier-stage gold prospects.