Angostura Mining C.A. of Venezuela and NovaVenez, a subsidiary of NovaGold Resources (TSE), are forming a joint-venture company.
The company will research ore processing for a plant to be constructed in Venezuela. It will employ the vat-leaching technology developed by NovaGold. Angostura is owned by Cineros Organization, a company with extensive gold and diamond interests in Venzuela.
Vat-leaching is considered ideal for processing Venezuela’s vast, low-grade gold deposits. Low capital and operating costs, as well as environmental advantages, render the process even more attractive.
The partners plan to construct a pilot plant in the mining centre of Puerto Ordaz. It will resemble NovaGold’s New Brunswick plant which produced 45,400 oz. gold from 1.1 million tons of oxide ore grading 0.052 oz. per ton. The new plant should be operational by March, 1994.
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