Tuesday, 19th February 2008 (2833 views)

High gold prices are bringing a new breed of gold prospector, one armed with sophisticated equipment and serious financial backing, to the underdeveloped mining regions of Mexico, according to reports.

The International Herald Tribune says the prospectors are mainly American and Canadian geologists and engineers who are heading south of the border to the Sierra Madre mountain range to try and cash in on the new gold rush.

But unlike the gold-panning adventurers of old, these prospectors come with millions of dollars in development capital and the latest exploration kit.

According to the newspaper, modern prospecting can be a multimillion dollar affair thanks to aerial mapping, steel, concrete and energy costs, and the expensive of drilling for samples. It says mining junior Paramount is currently spending $1 million (£513,083) a day on exploration in Mexico.

The new one and two-man prospecting operations are exploring with the hope of forming a joint venture should they strike a high-grade gold source, it added.

The Sierra Madre Occidental mountain range extends across six states in Mexico, including Sonora and Chihuahua in the north.

 

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