OTCQX:DMMIF - Post by User
Post by
ez33on Oct 19, 2010 8:58pm
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Post# 17585198
kinross on the move in ecuador
kinross on the move in ecuador
Canada's Kinross to spend 500 million on Ecuador gold mine
(AFP) – 2 hours ago
QUITO — Canadian mining concern Kinross Gold Corporation said Tuesday it would spend a half-billion dollars over the next three years to extract 11 million ounces of gold from a site in southern Ecuador.
Beginning in January, the company will start construction on roads and other necessary infrastructure at the site in Ecuador's southern Zamora province, said Dominic Channer, vice president of Aurelian Ecuador, a company that works in partnership with Kinross.
The untapped gold reserves are valued at an estimated 11.9 billion dollars.
Officials at Kinross said they hope to be able to extract 300,000 ounces of gold each year at the site.