I thought they were going to put news out a few weeks ago. We need to hear from them soon or this thing wil sit here forever. I have been very patient and have lots of faith in Fabio Montanari since he considers this his Swan Song gold project, I actually managed to talk with him directly when I phoned in a coupel weeks ago. He has lived on that mountain for 4 years now with his young wife and new son. He is so happy to finally have the financial backing of a billion dollar group like the family behind Goldlake. It has been very frustrating for this guy to see his company run out of funding and not manage to keep up on the SEC filings and falling to the Pink Sheets like it did. He is a very proud world-renowned professional economic geologist usually a gun for hire by the top mining companies. Big bet for him but it is now going to pan out for him and us patient shareholders.
Remember the info in the last release.....
Goldlake Group, through the holding company Goldlake Italia Spa, will provide up to US$1.5 million in order to:
- maintain the El Torno property licence option (US$200,000)
- restructure Soltera's corporate finance (US$ 400,000)
- re-start alluvial gold production (US$600,000), and
- undertake initial test work on the major gold targets (US$300,000).
The funding will be provided in tranches and Goldlake will provide the first tranche before 30th June 2010 and it will be used to maintain the property license and to start restructuring Soltera's corporate finance. The second tranche will be paid before 31st October 2010 and will be used for test work on the alluvial gold deposit and major gold targets. The third tranche will be paid before 30th June 2011 and will be used to complete the objectives listed above. Any revenue that becomes available from the alluvial gold operation will be used primarily to fund the rental/purchase agreement, exploration of the major gold targets and operating expenses.
About Goldlake Group
Goldlake Group is owned by Gold Holding, the holding company of the family of Franco Colaiacovo, a founder of Italy's third-largest cement company, Colacem. Goldlake Group was formed in 2003 and holds the majority stake of Eurocantera, a Honduran-registered company that operates gold-bearing deposits in Honduras. Eurocantera owns exploration and extraction concessions of over ten thousand five hundred hectares in the Valley of the Lepaguare, in the department of Olancho, 130 Km northeast of the capital Tegucigalpa.
Eurocantera's gold is refined in Arezzo, Italy, where Goldlake has a precious metals refinery that is dedicated to the processing of gold from the Honduras operation, thereby ensuring that the final product that Goldlake supplies to its customers is fully traceable.
To read more about Goldlake Group and the Eurocantera mine, please visit the Goldlake Group website:
www.goldlake.co.uk
If these bulk tests give what Goldlake needs to add El Torno to their ETHICAL GOLD supply deal with Cartier then you better believe the world will hear about our little 10 cent SLTA and things will change very fast for all of us.
Peace to all.
Carcar
(FYI: Chuck Stewart is the real name)