Review of Operations
Commissioners Gold Limited is well on its way to becoming a junior resource development company only 18 months since listing on the ASX. Gold production from its maiden project in Peru is forecast to commence in April 2013. Cash generated will be used to develop additional satellite mining assets in Peru as well as being repatriated to fund exploration projects in NSW.
The Company’s activities during the past half-year have been focussed on four principal
business streams:
- Project acquisition JV in Peru
- Acquisition of 25% interest in a Peruvian gold production asset
- Ongoing evaluation of NSW exploration projects
- Capital raising
In July 2012 the Company entered into a project acquisition joint venture (JV) with Limabased Australia Gold Corporation Limited (AGC) to acquire and develop resource assets in Peru. The 50/50 JV has been funded by CGU contributions of $50,000 per month. The JV has to date focussed on projects with near-term production potential, low entry cost and potential for scalability. The JV has short-listed a number of exciting projects which are in final due diligence for investment.
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