PanaCobre, the Panamanian unit of Tiomin Resources (ME), has received final approval from the Panamanian government to develop the Cerro Colorado porphyry copper deposit in western Panama.
Tiomin expects a portion of the escrowed funds, raised in a private placement, to be released shortly. These will enable the company to begin prefeasibility work immediately. In addition, PanaCobre plans to complete a study on developing an integrated solvent extraction-electrowinning and conventional mining complex there. Funding to complete the program was raised in a $23-million special warrant issue. Exercise of all outstanding share purchase warrants would raise an additional $26 million.
Reserves at Cerro Colorado stand at 1.4 billion tonnes grading 0.78% copper, for more than 25 billion lb. of the red metal, plus some silver and gold byproducts.
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