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A Vancouver zinc miner is banking on the world’s ongoing appetite for gold to justify a new mine in Mexico.
Farallon Mining Ltd. (TSX:FAN) announced plans Tuesday morning to re-evaluate four mineral deposits located near its existing G-9 mine at Campo Morado in the Latin country’s Guerrero state. The idea would be to build a the mine that would “piggy back” on G-9’s existing infrastructure and have a target start date of July 1, 2013. According to drill results from 2005, the four deposits contain an indicated resource of approximately 960,000 ounces of gold and 60 million ounces of silver. President and CEO Dick Whittington is confident in the project. He said: “With approximately one million ounces of contained gold in a gold price environment of $1,240/oz, and an outlook of continued strength for gold … the value of these deposits has increased significantly since we last looked at them in detail.” Farallon is an associate company to Vancouver mining firm Hunter Dickinson Inc. (HDI). Farallon’s shares fell 1.35% to $0.36 on the news. See this week’s print edition of BIV for comments from HDI CEO Ron Thiessen about the challenges the company has faced at Campo Morado in the past.
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