SAN LUIS POTOSI, Mexico METALLICA RESOURCES has announced plans to acquire GLAMIS GOLD's 50% interest in the Cerro San Pedro gold and silver project. If the purchase closes as expected today, Metallica will hold 100% of the property.
Several feasibility studies have been prepared for Cerro San Pedro, the latest of which was done by Glamis in 2000. The study estimated minable reserves of 49.2 million tonnes grading 0.57 g/t Au and 23.0 g/t Ag. Metallica has taken the Glamis figures, and using updated gold and silver prices, estimated a minable reserve of 61.1 million tonnes grading 0.59 g/t Au and 24.0 g/t Ag. Recovery would be by run-of-mine heap leach.
Cerro San Pedro has received all Mexican federal, state and municipal permits to begin construction. More information is available at www.met-res.com or by phoning president Ritch Hall at 303-796-0229 ext. 304.