Antilles Gold is uniquely positioned to access a number of gold and copper development opportunities in mineral rich Cuba through its joint venture with a subsidiary of the Government’s mining company, GeoMinera SA.
CUBA’S MINERAL POTENTIAL
Cuba hosts a significant number of gold, copper, zinc, and nickel deposits that have been extensively explored by Canadian, Russian and Cuban mining companies, but where development opportunities have been largely overlooked by the international mining sector for over 20 years. However, Cuba is now emerging as a new frontier for mining investment.
Antilles Gold’s first project in Cuba, the development of the La Demajagua gold-silver open pit mine, will be carried out in a joint venture company, Minera La Victoria SA (“MLV”), which was registered in August 2020. MLV’s shares are held by a subsidiary of GeoMinera (51%), and by Antilles Gold Limited’s Cayman Islands registered subsidiary, Antilles Gold Inc (“AGI”) (49%).
AGI is contributing US$13.0 million equity for its 49% shareholding in MLV, of which US$7.0 million has been invested to date. A further US$2.0 million will be spent by the end of 2022 to complete the Definitive Feasibility Study (“DFS”) for the La Demajagua project, and for general overheads of MLV. A further US4.0 million will be spent on mine infrastructure commencing early 2023.
GeoMinera has transferred the 900ha La Demajagua Mining Concession with 50,000m of historic drilling data to MLV for its 51% shareholding.
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