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Galore Resources Advances on Large Anomaly in Active Mexican Mining District
In todays mineral exploration market, it takes a lot more than simply making a discovery to be successful.
A discovery has to be big. The market is looking for truly mineable deposits.
A discovery has to be made in a politically mining-friendly country. The commodity boom is back and the market isnt willing to wait out unfriendly governments to put up the large capital investments to seriously developing assets.
A discovery has to be located where mining infrastructure already exists. Too many risks, problems, and escalating costs have made developing capital-intensive mining projects in far-off locations that are undeveloped regions nearly impossible.
Finally, the discovery has to be made by a capable management team that has already proven itself.
Galore Resources (TSX-V:GRI), although relatively early in the exploration stages, has recently announced a sizeable geophysical anomaly that, if nothing else, is worth looking into.
Galore: The Next Big Mexico Precious Metals Success Story?
In early June 2010, Galore announced it completed an Induced Polarization (IP) survey of its 14,800-hectare Dos Santos property in the heart of Mexicos historic Concepcion del Oro mining gold district.
The geophysical program produced results indicating that the Dos Santos project has some real potential. The IP survey showed a chargeability anomaly measuring 1,400 meters wide and 1,200 meters long.
Michael Byrne, Galores president, stated:
"The preliminary results from our IP survey are encouraging given the similarities between this geophysical response and the main zone at Camino Rojo. The size of Galores anomaly indicates the potential for a very large area of mineralization."
The potential exhibited in the survey didnt come as too much of a surprise. This is, after all, a region well known to host some major discoveries including, Goldcorps Peasquito Mine (TSX: G).
The Dos Santos property is located about an hours drive away from Zacatecas State, Mexico. The property is just 21 miles from Goldcorps Peasquito Mine (17.8 million ounces of gold, 1.2 billion ounces of silver). And its directly adjacent to Canplats (recently acquired by Goldcorp), Camino Rojo property which hosted a deposit containing an estimated 3.44 million ounces of gold and more than 60 million ounces of silver.
(Source: Galore company web site)
Two Properties for the Price of One
The company has another property a few hundred miles inside the coast of British Columbia. Galores 48, 000 plus hectare Taseko project is located in the Cariboo Mining Belt which is well known as having one of the largest gold trends in the world.
This rich mining region is home to such world-class mining operations as the Bralorne Mine. The Bralorne produced 4.1 million ounces at an average grade of more than 15 g/t between 1930 and 1971. Its also home to Taseko Mines (TSX:TKO) Prosperity Deposit, one of Canadas largest undeveloped gold/copper projects. The Prosperity Deposit contains an estimated 13.3 million ounces of gold and 5.3 billion pounds of copper and is the companys flagship project that helps give Taseko a market value of nearly $1 billion.
Clearly, the Cariboo Mining Belt has a lot of gold. And Galore owns an option to acquire a 100% interest in 42,816 hectares of prime real estate in this prolific mining region.
Galore currently has just under 59.3 million shares outstanding. With the shares trading at a recent price of $0.22-0.24 cents per share that is less than a $13 million market cap.
One Company, More than 132 Years Experience
William J. Coulter, Chairman - a graduate of the University of Toronto with a BA in Applied Science and an Engineering degree. Mr. Coulter has over 30 years experience in the mineral resource sector and served as a founding director and shareholder of numerous mining and hydrocarbon companies.
Michael W. Byrne, C.A., President, Chief Financial Officer & Director - is co-founder of Galore, Mr. Byrne has over 20 years of public practice accounting, tax and wealth management experience. Byrne was recently appointed to the board of directors and chairman of the audit committee of Commander Resources Ltd.
Ray D. Torresan, Chief Executive Officer - has extensive international PR experience, managing offices in North America and Europe. He is a recipient of many industry awards and has directed international programs for many resource companies, including the Ivanhoe Mining Group.
Dr. William H. Bird, Ph.D., P.Geo., Executive Vice President & Director - has over 35 years experience in mining with senior executive and CEO positions held for several successful publicly-traded companies. He obtained his PhD in Geology from the Colorado School of Mines, and has served in numerous consulting and teaching capacities.
Uwe Schmidt, P.Geo., Vice President Exploration - is a B.Sc. graduate from UBC and a geologist, registered with the Professional Engineers and Geoscientists of BC. He has 37 years of mineral exploration experience in base, precious metals, uranium and industrial minerals exploration in Canada, Mexico and Peru.
Octavio Gonzalez, Geological Engineer, Vice President Exploration, Mexico - is a geological engineering graduate and former professor in the Faculty of Engineering at the National University of Mexico. He has 20-plus years of mining, exploration and geotechnical experience in Mexico and Peru. His previous positions include chief geologist at Placer Domes Real de Angeles mine and district geologist for Exploraciones Peoles.
Al Fabbro, Chair of the Advisory Board - has over 30 years experience with publicly traded companies and the investment community. From 1984-1990 Fabbro headed the trading department of Yorkton Securities. Following Yorkton Securities, Fabbro worked with Yorktons Natural Resource Group and as an investment advisor with Cannacord Capital specializing in the natural resource sector.
Erica C. Bearss, MBA, Vice President, Corporate Communications - has her Masters in Business (MBA) from Royal Roads University in Victoria, BC as well as a Bachelors degree in Modern Language and Literature with a concentration in Spanish from the University of Ottawa. Ms Bearss has over ten years experience in public relations, marketing and communications; eight of which have been focused on corporate communications for publicly traded companies.
Pamela J. White, Corporate Secretary - has 20 years experience as a senior securities legal assistant, as well as acting as Corporate Secretary and general office manager for a number of publicly traded resource-based companies.
The Bottom Line
Again, there are never any guarantees in the mineral exploration industry. This is one of the few industries where truly anything can, has, and likely will happen.
But the industry has been making a shift. And to be successful, youve got to be in the right places and be going after big discoveries.
Galore has positioned itself to progress prospective properties which have already shown early-stage potential. The companys properties are in the right places, have proven potential at the earliest of exploration stages, and its run by qualified professionals who have developed projects successfully in the past.
You can follow Galore Resources (TSX-V:GRI) ongoing progress at
Sources:
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Company Presentation (January 2010)
Company news release (June 7, 2010)
Bralorne Gold Mines historical production
Taseko Mines Valuation
Taseko Mines Deposit
Cariboo Mining Belt
Galore - 59.3 million shares outstanding
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