Caribgold newest player on Cuban gold exploration scene

Among the mining companies scrambling for land positions in Cuba are several new players, the latest being Caribgold Mines.

The Barbados-based private company is headed by David Bell, well-known consulting geologist and a key figure in the famous Hemlo gold discovery in northwestern Ontario. For more than a year, Bell has been negotiating for several concessions in Cuba. By the end of September, he hopes to sign an exploration agreement on four concessions totaling about 4,100 sq. km. The largest is a 2,000-sq.-km area in the Santa Clara region.

The four concessions cover more than 300 known mineral occurrences, of which about 75% are gold, the remainder being base metal-related. The first exploration priority will be the gold targets and Bell hopes to start drilling some of the more advanced properties soon.

In view of the mineral potential, Euro-Nevada Mining (TSE) and Redstone Resources (TSE) plan to invest US$200,000 in Caribgold in return for a 1% net smelter return on all future production from the concessions. After a recent visit to Cuba, Euro-Nevada President Pierre Lassonde told The Northern Miner he was impressed with the country’s mineral potential as well as the people and their work ethic. He considers the country second only to Chile as a place to do business in Latin America.

“I think the country has a lot to offer and once the political situation is liberalized, it could well be the best place in Latin America,” Lassonde said. Caribgold can earn a 50% interest in the projects by funding exploration over eight years. Any development work will be funded equally by Caribgold and the Cuban government.