MINERA CERRO DE ORO, is well positioned for significant growth in Peru. The MINERA CERRO DE ORO, ore processing facility has since Q1-2014 a milling capacity of 250 tonne per day (85,000 tonnes per annum). In April 2015, the Company received from the Peruvian Ministry of Energy and Mines (MEM) a permit to increase the plant’s capacity to 300 tpd (102,000 tonnes per annum). Furthermore on the 18th of March, the Government of Peru issued a final construction permit for the Company’s new ore processing plant located at Caraveli, in southern Peru. This new facility has a planned capacity of 300-600 tonnes per day (102,000-204,000 tonnes per annum) and will be directly linked to the national power grid and is located just off the Pan-American highway. The total cost of the plant is projected to be approximately US $15 million. Construction of the plant is complete. The Company expects to open the new plant in the third quater of 2016. Minera Cerro de Oro, total annual production is expected to more than double once the new mill is operational at 600 tonnes per day (204,000 tonnes per annum). The new plant and the Company knowledge of the small scale mining sector will provide Minera Cerro de oro, with a definite advantage over its competitors in Peru. Furthermore, Minera Cerro de Oro, will continue to seek other growth opportunities both in Peru and in South America.
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