Oraco Resources secures permit to commence exploration in Sierra Leone

23 October 2012 (Last Updated October 23rd, 2012 18:30)

US-based mineral exploration and development company Oraco Resources has secured an exploration license from the Sierra Leone Ministry of Mines and Mineral Resources.

Diamond mining, Sierra Leone

US-based mineral exploration and development company Oraco Resources has secured an exploration license from the Sierra Leone Ministry of Mines and Mineral Resources.

The mining license will allow Oraco to commence operations at its Nimini Hills site, located in Kono District, Nimikoro Chiefdom.

The license covers the entire 55.17km², roughly 13,000 acres, of mineral rich land and the company now expects to conduct geophysical studies and artisanal mining for exploration in the area.

Oraco president Brad Rosen revealed that the license also allows the company to finalise agreements with SRK and undertake studies in Nimini Hills.

"We have been anxiously waiting for the permission to finally assay the area. We are very anxious to see whether, as we believe, the exploration process will indicate that our Nimini Hills holdings have the potential to be as prolific as the surrounding operations seem to be, rich in natural resources of diamonds and gold," Rosen said.

Oraco VP Chris Butchko remarked that the company is coordinating logistics for both geophysical studies and other artisanal work through local employment.

"The empirical information indicates that there is tremendous potential for recovery of product that could be very close to the surface.

"We are elated at the fact that we are now permitted to conduct the work that will show whether this empirical evidence, based in part upon what the surrounding operations have found, will hold true for us as well," Butchko added.

JYORK, a wholly owned subsidiary of Oraco, holds a 69% stake in the Nimini Hills site with Nimikoro Chiefdom holding the remaining 31% stake.


Image: Oraco Resources will commence operations at the Nimini Hills site in Sierra Leone. Photo: Oraco Resources, Inc.