Business
Genesis Electronics Group, Inc. (aka Cacique Mining; OTC-Pink: GEGI) announces has begun initial negotiations with AngloGold Ashanti for one specific mining title in Colombia
Genesis Electronics Group, Inc. (aka Cacique Mining; OTC-Pink: GEGI) announces has begun initial negotiations with AngloGold Ashanti for one specific mining title in Colombia.
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[{"type":"text","content":"\n\n TURBO, ANTIOQUIA, Colombia, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Genesis Electronics Group, Inc. (aka Cacique Mining) (OTC-Pink:GEGI) announces has begun initial negotiations with AngloGold Ashanti for one specific mining title in Colombia. The business model of Genesis Electronics Group, Inc., sister company of Inca Worldwide (aka QED-Connect) (OTC-Pink:QEDN), looks for specific projects that have all geological preliminaries concluded and are ready to start production within the following six to 12 months.\n The concession contract (# FAF-14C) from Anglo Gold Ashanti (with an area of 1,424,542 hectares, signed on June 29, 2007, and located in Las Vega and Almaguer Cauca) is of special interest for Cacique Mining. This mining area dates back to the Spanish conquistadors of 1551, when the town of Almaguer was founded by Alfono De Fuenmayor only 49 years after Christopher Columbus reached Panama on his fourth voyage looking for the mystical city of El Dorado. https://en.wikipedia.org/wiki/Christopher_Columbus#Fourth_voyage The area was mined for several centuries, but the superstition of the local miners, associated with the earthquakes of 1740 and 1765, closed the mines. Just before they closed, one of the mines in the area had over 2,000 Indians and Africans extracting over 30,000 pesos of gold monthly. Each peso, or real (R.1), had 3.383 grams of gold, for a total monthly production of 101.49 kilos of gold—equivalent to $4,284,389.20 USD per month in 1765.https://en.wikipedia.org/wiki/Currency_of_Colombia#1622%E2%80%931756_Cob_coinage_(macuquina)https://es.wikipedia.org/wiki/Almaguer Security in these areas has, of course, been an issue for decades, but with the work of GMS (Green Mine Solutions SAS) and the substitution contracts (currently with more than 366 coca leaves farmers in Cauca, which is expected to be expanded to over 3,000 farmers) offers us the possibility to work in the area hand in hand with the farmers, providing security for both the mining and agriculture projects. AngloGold Ashanti is the third largest producer of gold in the world, and they are the largest holder of mining titles in Colombia with properties such as La Colosa, which has more than 29 million ounces of gold, making it one of the top 11 largest mining projects in the world. However, because of security concerns and without the ability ...