Former Chutine Resources (VSE) president Peter Holmes and Exall Resources (TSE) President Stephen Roman have joined forces to tackle projects in Mexico and Guyana.
“I saw Stephen Roman at the PDAC (Prospectors and Developers Association of Canada) convention last year . . . we were able to come to a mutual understanding,” Holmes said after Exall’s annual meeting in Toronto. Holmes left Chutine in January after a power struggle with a group of European brokers and was later voted off the company’s board of directors. He and his former exploration manger Alfonso Rosas will oversee Exall’s exploration in Mexico, where the junior has acquired exclusive options on three copper porphyry deposits through the recent purchase of Cerro del Cobre Inc.
Chutine continues to hold a portfolio of Mexican projects and recently signed a joint venture agreement with Princeton Mining (TSE).
Meanwhile, Exall’s attempts to acquire a mining licence for a diamond-gold dredging operation in Guyana have been delayed by a change of government in the South American country. Exall’s application has been further complicated by a lobby group called the “Guyana Gold and Diamond Miners Association,” who believes only local Guyanese should be allowed to mine the country’s alluvial deposits.
Holmes says the Verde Grande deposit near Hermosillo, where an estimated two million tons of oxide mineralization grading 2.5% copper, 2 oz. silver per ton and 0.05 oz. gold has been identified, will likely be the first of Exall’s Mexican projects to reach production. Exall plans to spend about $150,000 on this project over the next six months.
He said the much larger Santo Tomas deposit to the south, with an estimated 195 million tons grading 0.52% copper, will require more capital to develop. Earlier this fall, Exall raised $600,000 through a private placement of shares and warrants. Broad Oak Associates, a finance house, has the option to buy 150,000 shares of Exall at 16 cents.
Be the first to comment on "Exall promotes plans for Mexico"