Bolivar Goldfields to spend $5-million

VSE-listed Consolidated Cassandra Resources plans to spend US$5 million exploring its new land package in Bolivar state, Venezuela.

The company is expected to change its name to Bolivar Goldfields to reflect its focus on gold projects in the state, just outside the Kilometre 88 district.

A private placement has provided gross proceeds of $7.5 million.. The concessions comprise four districts — El Callao, Chicanan, El Dorado and Marwani — and all have been worked to some extent.

Exploration will vary from drilling well-defined targets in Chicanan and El Callao to reconnaissance programs over larger areas in Marwani and El Dorado. The company is headed by Ian Gray. Four directors reside in Venezuela where the company has established an office in Caracas. This year’s program will be executed by 11 geologists.

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