Interest in South American Goldfields (COATS) has been stirred by the preparations of field crews from Homestake Mining who are beginning work on two, 20-sq-mile, concessions held by South American in Guyana. Homestake can earn a 60% interest in the ground, which hosts former gold production, by spending $1.5(US) million.
To finance its share of the work, South American has completed a small $500,000 private placement, according to the company.
The company has also optioned four more concessions in Guyana to Denison Mines. Representatives of that company are negotiating with the government and appear to be serious about going ahead with an exploration program.
All the concessions are in an area of the country which is under dispute with Venezuela.
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