Tuesday, 14th February 2006 (3205 views)

Mineral exploration company Geologix has formed a strategic alliance with Newmont Peru SRL to explore an area of central Peru that has gold and silver potential.

The area in question covers 7,200 square kilometres, and has already been explored by the two companies.

The alliance, to be managed by Geologix, will spend $1 million this year on acquiring and exploring properties. Initially the focus will be on existing targets, and then the alliance will branch out into untested zones.

Newmont Peru is a subsidiary of gold producer Newmont Mining Corp, a global New York-listed company with 28,000 employees and operations on five continents.

Geologix's operations are focused primarily in Nevada and Peru. Three significant properties have been acquired in the latter – Huacullo, Patacorral and Cauhau.

 

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