DOMINICAN REPUBLIC – Development of the Cerro de Maimon copper-gold mine will be speeded now that owner GLOBESTAR MINING has raised another $25 million through the sale of special warrants. The warrants are subject to a four-month holding period in Canada.
In March 2006, GlobeStar reported the Cerro de Maimon deposit contains 1.4 billion lb of copper. To get at it will require a capital commitment of US$46.5 million; this will fund the creation of an open pit mine and 1,300-tonnes/day mill to treat sulphide ore and produce copper concentrates. The start-up of a 500-tonnes/day oxide plant will follow shortly after.
The Cerro de Maimon project is fully permitted and will take approximately 22 months to build. (www.GlobestarMining.com)