Dana Resources Acquires Collota One Gold Prospect, Extends Collota Gold Deposit Land Holdings
August 12 2009 - 4:47PM
Marketwired
Dana Resources (OTCBB: DANR), a US-based precious metals
exploration and development company, is pleased to announce that it
has successfully acquired the Collota One Gold Prospect in Peru.
Dana Resources currently owns and operates seven mining projects
located in Peru's most prolific mining regions.
The Collota One Gold Prospect is located in Northern Peru in the
region of Ancash on the eastern side of the Cordillera Negra (Black
Range Mountains). It is 45km south of the city of Huarez. Elevation
ranges from 4,400m to 4,600m. The project is accessed via paved and
gravel roads.
Dana Resources previously announced the acquisition of the
Collota Gold Project with an estimated reserve of 1,170,000 ounces
of gold, equivalent to a current gross value in excess of $1
Billion. Dana Resources' Collota One Gold Prospect increases the
Company's land holdings by adding an additional 3320 acres. The
combined land holdings of Dana Resources' Collota Gold Deposit and
Collota One Gold Prospect now surpass 8000 acres.
The target area is characterized by intense vuggy silica,
quartz-alunite and argillic alteration. The alteration is hosted in
the Calipuy group, a suite of volcanic rock characterized by basal
andesitic lavas overlying rhyodacitic pumic and lithic tuffs. This
particular geology is associated with epithermal gold deposits
similar to Pierina and Yanacocha mines. This host rock is identical
to Barrick's Pierina deposit.
Dana Resources plans to mine the Collota Gold Deposit and
adjacent holdings as an open-pit mine to a maximum of 50m in depth.
The addition of the Collota One Prospect enables Dana Resources the
opportunity to substantially increase the size of the existing
deposit to be processed in the mine.
Dana Resources continues to estimate operation costs of
approximately $400 per ounce. Further, this geological belt
typically hosts economically significant silver values.
Dana Resources is currently satisfied with its ownership of over
8000 acres surrounding the Collota Gold Deposit. This acquisition
increases the volume of ore available to be processed. The Board of
Directors commented: "This acquisition almost doubles our land
holdings surrounding our 1.1 million ounce gold deposit. This
strategic land acquisition further enhances our existing gold
deposit."
With some of the richest mineral reserves in the world, Peru is
one of the highest producing countries of precious & base
metals in Latin America. Previously inaccessible regions are now
becoming available through modern technology and equipment, making
the high diversity of marketable minerals an extremely attractive
prospect. In total, Peru holds about 16 percent of the world's
known mineral reserves.
About Dana Resources
Dana Resources is a precious and base metals exploration and
development company with offices in the United States and Peru.
Dana's management team possesses local knowledge, extensive
international connections, a wealth of experience and technical
expertise in mining, mining finance, exploration and production.
Dana Resources has acquired a portfolio of gold, silver and other
precious & base metal properties located in Peru's most
prolific mining regions. With Peru growing as a producer of gold,
silver and other metals on the international market, Dana Resources
is well positioned to capitalize on the escalating global demand
for commodities. The management team and Directors are committed to
creating value for their shareholders and to the long-term success
of Dana Resources.
Forward-Looking Statements
The statements contained herein which are not historical are
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements, including,
but not limited to, certain delays beyond the company's control
with respect to commencement of drilling operations, concentration
in mineral deposits, delays in testing and evaluation of ore
samples, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
On Behalf of the Board,
Len De Melt
Dana Resources
www.danaresources.com
info@danaresources.com
Contact: Len De Melt Dana Resources www.danaresources.com Email
Contact
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