Sao Paulo based metals mining company C2C Exploration has announced this morning, it has already almost received sufficient capital to fund the expansion of its Bahia operations in North Eastern Brazil.
Feb. 4, 2013 - Despite C2C Exploration being cash-rich following an extraordinarily profitable final quarter in 2012, CEO Mr Chris Jarvis will continue as planned to seek investor capital in order to finance the proposed expansion and drilling work at the company's Bahia site.
Mr Jarvis furthermore stated the boards' defined target of sourcing an additional US$300 million to fund the project is now expected be reached within the first quarter of 2013, most likely by the end of February, although he declined to comment on the exact figure raised thus far.
At a public announcement held this morning in Sao Paulo, Mr Jarvis stated “this funding exercise should not be an alarm bell for investors, but should exhibit our aggressive aim to capitalise on today's mineral market and this excellent property acquisition which we are supremely confident in.”
The Ibirapuera project in Bahia, is at this time C2C's flagship project, and has a well developed surrounding infrastructure, where production cash-costs can be minimised. This combined with the proven reserves the mine holds, and the accessibility of those reserves, makes it an attractive proposition for the company and its investors.
Following the recent analysis and approval of test samples taken over the final quarter of 2012, exploration drilling is still in process at the Bahia property and will continue for many months. However those prospects sampled thus far have demonstrated significant gold values at their surface levels.
While the full extent of the mineralisation on this site remains to be determined, the board of directors at C2C state they unanimously believe the mine will deliver strong returns, and that this can be expected to begin as early as this summer.
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