Canadian Mining Inherits Significant Infrastructure from Past Producer Penoles
Mr. Ray Paquette CEO is pleased to report the Company has acquired the October 1981 Geological Report written for Penoles on the El Gochico mine now optioned by Canadian Mining. This report has provided the Company with a wealth of historical data and has provided direction for the Company’s exploration program. Penoles is the second largest Mexican mining company, the first Mexican producer of gold, zinc and lead and the world leader in silver production.
Penoles operated the El Gochico trackless mine from 1981- 1985 investing significantly in costly infrastructure. When the price of zinc dropped to the 34 -35 cent range in 1985 the mine was no longer economically feasible. It is Canadian Mining’s good fortune to benefit from Penole’s investment. Based on today’s prices this is a very meritable project.
The Company has obtained all necessary surface authorizations and has assembled a fully qualified ground crew to survey an extended grid program over the past producer El Gochico. The survey is nearing completion in preparation for the 15 line kilometer 3D Induced Polarization/Resistivity survey.
Canadian Mining is a diverse company holding excellent prospects in both precious metals and industrial minerals.