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Cabia Goldhills plans Mejia Mines acquisition

Cabia Goldhills has entered a binding agreement to acquire the Mejia Mines.

12 September 2012

Cabia Goldhills is in business negotiations regarding the acquisition of four artisanal mines.

These facilities are in Columbia's Bolivar Department, within the San Lucas gold belt, adjacent to the 100 per cent owned Mejia Project.

It intends to purchase the Mejia Mines, which are called El Turco, Los Romanes, El Gohaje and La Gloria.

As a result, Cabia has gone into binding agreements related to these acquisitions and will explore the mineralised areas for 24 months, with this timeframe renewable.

Furthermore, Cabia will pay $10 (£6.22) to the owners for every ounce of reserves that it encounters, as well as 15 per cent of any net profits.

It will also reimburse the owners for the expense of capital assets and equipment.

Cabia's Mejia Project is outside of any environmentally-restricted zones and is close to sea level.

"Having access to the workings of these artisanal mines will enable our geological team to gain a better understanding of the area," president and chief executive officer of Cabia Goldhills Michel Delise said.

Posted by Ron Maverick

Source: Cabia Goldhills press release, September 11th

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