Cambridge Energy Corporation Announces Joint Venture for Gold River Mine Projectadmin
October 17, 2008 Filed Under: Oil and Gas, Precious Metal
Cambridge Energy Corporation announced that the Company has entered into a joint-venture agreement for production of the Gold River Mine Group, including noted properties with extensive mining histories and precious metal ore bodies that are geologically well documented including The Sun Gold Group, The Big Chief Group, The Oro Cache Mine, The Eagle Mine and The Treasure Gulch Mine. Based on historic geologic assessments, collective proven gold reserves for the properties are estimated at 100,000 ounces (Au). Probable/indicated gold reserves total 400,000 ounces and probable/indicated silver reserves total 750,000 ounces. The Gold River Mine Group is located southeast of Prescott, Arizona in the Turkey Creek Mining District and consists of 13 unpatented lode claims. Included in the group is the Bueno Mine, one of the oldest mines in the District, having produced “hi-grade” ore in excess of one oz/ton Au (gold). The geological reports, including trenching and drilling, have been conducted by various exploration company geologists or consultants representing several exploration groups including M&M Mining, Norgold, Corona Gold Corp and Terra Sources.
Under the terms of the agreement, Cambridge will facilitate the construction of an initial 10-ton per hour plant at the mill site to process the material mined. Cambridge will provide the necessary capital to construct the plant and will be a 50% joint-venture partner in GOLD RIVER. Once completed, the plant will initially process in excess of 10,000 ounces of gold in the first year.
Don Paradiso, CEO of Cambridge Energy Corporation, commented, “This is a great first step in our new focus of locating and developing properties that appear to be ‘low-risk’ — with historic proven and/or probable reserves — and that are not capital intensive to develop.” He continued, “Of all the properties we are currently evaluating, Gold River jumped out as the property ready to go into production now. We will continue to update shareholders as developments occur.”
Cambridge further announced that it is currently in negotiations with several potential project managers for the GOLD RIVER project.
The Company is an independent oil and gas company which was engaged in the exploration and development of domestic oil and gas properties. It had previously owned oil and gas properties in Louisiana, Texas and Indonesia. The Company is currently pursuing opportunities in the mining industry.