Discouraged by exploration results, Jersey Goldfields (JRG-V) has decided to abandon its 53 mineral properties in Ecuador.
The annoucement follows the company’s decision to terminate its option agreement with Compania Minera Ecuatoriana, or Cominseca.
“Basically we’re back to a shell company,” Jersey spokesman James Yates tells The Northern Miner.
Jersey will now explore for other properties in Ecuador and elsewhere in South America through wholly owned subsidiary Jerseymines Minera del Ecuador.
“We have $1.6 million in cash, and an exploration office with good people in Quito [Ecuador’s capital],” Yates says.
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