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Vangold Mining Initiates Resource Valuation and PEA on El Pinguico Mine
Vancouver, British Columbia--(Newsfile Corp. - February 7, 2018) - Vangold Mining Corporation ...
About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"Vangold Mining Initiates Resource Valuation and PEA on El Pinguico MineVancouver, British Columbia--(Newsfile Corp. - February 7, 2018) - Vangold Mining Corporation (TSXV: VAN) (OTC Pink: VGLDF) (FSE: E35B) (\"Vangold\" or the \"Company\") is pleased to announce that it has initiated a Resource Valuation and Preliminary Economic Assessment (\"PEA\") in respect of the Company's 100% owned El Pinguico Project, in Guanajuato, Mexico. The PEA will provide a base-case assessment for the further development of the existing mineral resource and the recommencement of mining operations utilizing current standing stock ore piles and mining infrastructure, including the existing shafts, adits and tunnels to a depth of 300 meters from surface. The objective of this study is to determine the potential economic viability of the current mineral resources at El Pinguico along with a level of cost indication sufficient to proceed to the next level of mine development and valuation. Completion of the PEA is expected in Q2 2018. \"The El Pinguico mine is a historic high-grade producer, possessing in-situ high-grade silver and gold mineralization with accessible mining infrastructure to a depth of 300 meters. The completion of a base case development scenario will be a significant milestone in understanding the available economics of the stockpiles and cost related in new mine development\", said Cameron King, President and CEO of Vangold. APEX Geoscience Ltd. (\"AG\") and MinePlus Pty Ltd. (\"MP\"), based in Vancouver, BC have been contracted to work with the Company's technical team on assay results and mineralization assessment for the PEA. The updated 43-101 report will support the PEA and determine projected capital costs, operating costs, and project economics associated with the potential development of the El Pinguico mineral resource. AG and MP will: Analyze and evaluate the economic, technical and geological factors that will determine the potential viability of the stockpile mineral.Establish the basis and strategy for the Phase 2 drilling on the in-situ resources which encompasses:Lower extension of the El Pinguico vein, drilling into and underneath the old working of the El Carmen and El Pinguico mines;Calculate drilling depth for intersection of the Veta Madre and El Pinguico vein systems;Analyze geological data realized during the 20...