Junior resource company Palisades Petroleum has acquired a large gold and diamond project located in Guyana.

Preliminary work on the project has already started and production is likely to commence in early 2010.

Palisades Petroleum plans to proceed quickly to get the site into test production. The company is currently procuring various machines to start mining operations.

Palisades Petroleum CEO Leslie Rutledge said that resource will quickly generate revenue for the project.

“Palisades shareholders will now have a project that produces both gold and diamonds. This will provide an immediate source of revenues for the company,” Rutledge said.

The company is in negotiations to establish a joint venture with a firm whose property is located near this asset.