G4G Resources and Iron Sands Americas Advance Guatemala Iron Sands Project With Targetted Off-Shore Sampling Program
01 Noviembre 2010 - 12:23PM
Marketwired
G4G Resources Ltd. ("G4G") (TSX VENTURE: GXG) announced today that
G4G will conduct a targeted sampling program over an off-shore area
of approximately three hundred square kilometers.
This follows the recent extension by the Director General Mining
of the Ministry of Energy and Mining in Guatemala of G4G's
Off-Shore Reconnaissance License ("OSRL"). The OSRL covers 2500
square kilometers along Guatemala's entire Pacific coastline. G4G's
earlier reconnaissance work in the area has highlighted several
highly prospective locations with higher concentrations of
magnetite. These areas will now be explored further under the
sampling program.
The sampling program will begin in November with the goal of
providing G4G with sufficient data to conclude XRF analysis, which
is an extremely robust technique for major and minor elemental
analysis in complex mineralization and offers highly precise and
accurate results for iron ore samples and Davis Tube yield tests,
which is used to determine the magnetic content of the iron ore and
can be used to help forecast potential commercial recovery. The
prime objective of the work program is to produce an inferred
resource estimate. The main geological targets will be paleo rivers
and paleo beach heads formed when sea levels were much lower.
"G4G Resources is extraordinarily well placed to help meet the
expected global shortage of quality iron ore," said Basil Botha,
President and CEO of G4G. "Iron sands mining operations have been
shown globally to be among the lowest cash costs per tonne of iron
ore mining operations and we want to take advantage of this. The
fact that we are on the Pacific Ocean also means transport
logistics suffer none of the constraints and costs faced by many of
the inland hard rock miners."
"It is anticipated that the iron sands extraction will be a
simple operation using an off-shore dredge combined with an
off-shore beneficiation plant. Iron sands will be dredged,
processed and dewatered in the beneficiation plant and then loaded
onto vessels off-shore, for direct shipment to Asia. We expect that
virtually no additional on-shore infrastructure will be needed to
bring this project into production."
Mr. Botha also said; "G4G's management team is extremely well
qualified in the mining arena and has specific industry experience
in iron ore. The potential also exists to develop an integrated
steel mill using local iron sands as feedstock. This is an exciting
opportunity to make a valuable contribution to the development of
Guatemala's natural resources asset base."
G4G is committed to conducting all its activities in a safe and
environmentally sustainable manner and engaging proactively with
local communities and authorities with respect to all relevant
economic, environmental and social issues.
Guatemala's iron sands span the entire western coastline, from
El Salvador in the east to Mexico in the west. Guatemala's 33
inland volcanoes (3 active, the others inactive) have deposited
iron rich residue on the surrounding area, from where it is
continuously carried down to the coastal plains into the ocean by
the river systems.
The sampling program will be conducted under the supervision of
Raul Sanabria, P.Geo., who is the Qualified Person for G4G
Resources Ltd. under NI 43-101.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and
development company focused on a number of low cost iron ore
projects.
Forward-Looking Statement
This document may contain or refer to forward-looking
information based on current expectations, including, but not
limited to timing of mineral resource estimates, future exploration
or project development programs and the impact on the Company of
these events. Forward-looking information is subject to significant
risks and uncertainties, as actual results may differ materially
from forecasted results. Forward-looking information is provided as
of the date hereof and we assume no responsibility to update or
revise them to reflect new events or circumstances, except as
required under securities laws. For a detailed list of risks and
uncertainties, as it relates to G4G Resources Ltd., please refer to
the Company's 2009 year end audited financial statements filed with
SEDAR on April 30, 2010.
Should you wish to receive Company news via email, please email
ir@g4gresources.com and specify "G4G News" in the subject line.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: G4G Resources Ltd. Basil Botha President and CEO (604)
602-9868 ir@g4gresources.com www.g4gresources.com
(TSXV:GXG)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
(TSXV:GXG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024