Pediment Acquires Properties; Reports on First Phase Work at La Coloradaadmin
Pediment Exploration Ltd. announce that it has concluded two transactions in order to purchase nine mineral concessions centered within its existing La Colorada Gold project. The La Colorada project is a recently past producing heap-leach open pit gold mine which is located approximately 40 km southeast of Hermosillo. These transactions complete the companies plan to consolidate the mining district.
In the first transaction, Pediment purchased six mineral concessions from the Penoles group for a total consideration of approximately US$100,000. These concessions contain 218 hectares and cover part of the El Creston pit and adjacent ground, as well as additional exploration potential west of the pit. As part of this transaction, Pediment sold to Penoles, three of its concessions totaling approximately 1521 hectares that make up the southern portion of its Texson exploration project in western Sonora for a total consideration of US$2,000.
In the second transaction, Pediment obtained from a third party, an option to acquire three additional mineral concessions totaling 852 hectares for a total price of $790,000. The three additional concessions cover part of the Creston pit and possible vein extension.
Report on recent exploration activities on La Colorada
Due to competition in the area, Pediment determined that first phase work would progress on a confidential basis while negotiating to complete the above acquisitions. The results of the drilling program,which consisted of 4,320 metres of RC drilling, has recently been completed and will be reported on when the results are received and compiled.
Data Review and Potential for La Colorada
In addition, during the past ten months, Pediment has recompiled data archives and pertinent production data into electronic databases with all available information merged with newly generated data. Data relevant to both open pit potential and high grade underground resources are being reviewed. Pediment is currently undertaking on-going studies of the environmental impact permitting and reactivation potential of existing surface workings. Pediment is also preparing the La Colorada project for a second and more extensive program of work. Details of this program are being finalized and will be announced.