Friday, 24th October 2008 (335 views)

Amazon Mining has revealed that it has increased its title permit holdings at the Madeira gold project in Brazil.

It comes after the firm received "encouraging" field results, prompting it to increase its exploration area to 332,011 hectares, up from 202,568.

Gold-bearing areas have been identified in a farmland region in the vicinity of the Madeira River, where "historic, multi-million ounce" gold production occurred between the years of 1975-95.

In addition, samples taken from water bore-holes confirmed the presence of gold mineralisation in layers of sand at Amazon's property.

President and chief executive officer Cristiano Veloso said: ""We are very pleased with the initial results at Madeira. The programme to date is encouraging and will provide project exploration advances in a very cost effective manner."

Meanwhile, Eaglecrest Exploration announced that work at the San Simon gold project in north-east Bolivia had exceeded the company's expectations.

The on-site team were "extremely pleased" with their progress, stated president Hans Rasmussen.

 

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