Canada's Medoro Resources is looking to invest between $30m and $40m in its recently acquired Frontino gold mine operation in Colombia.
Medoro Resources general manager Juan Manuel Pelaez said the investment will be made over two years for its three Frontino gold mines located in Colombia's north-eastern province of Antioquia, according to Reuters.
Only one of the mines is in active production with output at 44,000oz in 2009.
Medoro said it expects Frontino to have a significant potential to expand the deposits and production. A feasibility study is still underway to validate these expectations.
Since last year Medoro Resources has been in the process of acquiring gold mines in Colombia, attracted by rich precious metal deposits and improved security conditions in the country.
In 2010 it purchased Colombia Gold along with Mineros Nacionales for $35m.
Last year it acquired the entire share capital of Colombia Gold for about $20m.