Brazilian mining company C2C Exploration announces the company will seek to raise extra funding to expand its Bahia operations in North East Brazil.
Nov. 21, 2012 - C2C Explorations' Ibirapuera property is situated in the state of Bahia in the north east of Brazil, and hosts a closed underground gold producing mine. Until recently C2C Exploration had sampled ore grades at only 4 of the 8 known prospects on the site. All 4 prospects yielded significant gold values at surface levels, including the Ibirapuera prospect which is now known to hold over 500,000 ounces of mineral gold, as well as extensive iron ore reserves.
After initial samples were taken over recent weeks, exploration drilling is now scheduled to continue at the Bahia property commencing in the first quarter of 2013, to complete the planned exploration mandate. To fund the completion of the project C2C Exploration will need to raise an extra US$300 million.
Chief Executive Officer at C2C Exploration Mr Chris Jarvis said “C2C is currently cash rich following this outstanding last quarter and strong 2012 earnings overall. We will be investing further within Brazil, but at minimum we require an extra US$300 million to complete the project. We'll therefore be offering the opportunity to our investors to further share in our success.”
The project site has excellent infrastructure; roads, power, communications, and abundant local mining labour, and according to James Hamilton an Executive Director at C2C, Bahia could become the company's prime asset across the next two years, overtaking the Santo Amaro project”.
This press article contains forward looking statements. Past performance does not guarantee future results. This article does not constitute any part of C2C Exploration's annual report, prospectus, offering memorandum or any other document required for Security Commission compliance. C2C Exploration makes every effort to ensure the accuracy of the contents of its articles. There may be errors, omissions, technical or typographical errors for which the company assumes no responsibility. C2C Exploration does not guarantee, warrant or make any representations regarding the accuracy, usefulness, validity, reliability or completeness of the information contained in this article. C2C Exploration will not be held liable for any direct or indirect damages including, but not limited to, negligence by employees or persons working under contract for the company.
About C2C Exploration
C2C Exploration, is a São Paulo based mineral exploration and extraction company with an aggressive growth strategy. The company places great importance on exploration, acquisition and development of assets to maximize growth and shareholder value.
The company's current portfolio of assets comprises three exploration projects with epithermal gold, and reserves of other minerals in the area around São Paulo, Brazil.
C2C Exploration is committed to building and maintaining shareholder value, and has a strategy focused on constructing a diverse portfolio through exploration and acquisition of early stage projects with high potential. The current portfolio includes several projects with proven reserves, and early stage projects involved in the exploration for gold, copper, iron, and nickel.
The company's' Santo Amaro project located in northern Brazil is its prime asset, and is wholly owned by C2C Exploration. Production began on the Santa Amaro project in 2008.