Storeham Grants Extension to Start Marudi Gold Mine

9 December 2009 (Last Updated December 9th, 2009 18:30)

The delayed Marudi Mountain Gold Mine in Guyana is scheduled to begin operations by February 2010 following an extension granted by Storeham Resources. The mine has witnessed delays due to the requirement of additional environmental assessments, and the grant of duty-free import licenc

The delayed Marudi Mountain Gold Mine in Guyana is scheduled to begin operations by February 2010 following an extension granted by Storeham Resources.

The mine has witnessed delays due to the requirement of additional environmental assessments, and the grant of duty-free import licences.

Rexma Participacions, the operator of the mine, says it aims to begin production at a minimum sustained rate of 125,000m3 per year, increasing the capacity to 300,000m3 per year prior to 1 January 2012.

On 21 August 2008, Shoreham and Rexma based out of Leon, France signed a Definitive Agreement entitled 'Project Operating Plans and Principles - Marudi Mountain Alluvial Mining Agreement'.

Shoreham has the right to earn a 75% working interest in the Marudi Gold Mine Property.