Oct 21 2010
Ventana Gold Corp. (TSX:VEN) announces that it has awarded the construction and drilling works contract for the underground exploration decline at the La Bodega project to Geominas SA.
Geominas has been operating in Colombia for over 40 years with extensive experience in underground development, drilling and infrastructure works for the petroleum, mining and government sectors.
"We are pleased to be working with such a reputable Colombian company," said Steve Orr, Ventana's President and CEO. "Completing the contracting process represents another important milestone for Ventana and we are accelerating our efforts to advance the exploration and development of the La Bodega project."
Geominas is expected to mobilise on site and commence work in November 2010. The project will consist of developing a 4 metre wide by 4.5 metre high by 3.9 kilometre long exploration tunnel to provide underground access to the La Mascota zone. A 70,000 metre exploration program on the deep extensions of the La Mascota and La Bodega zones is scheduled to be initiated from underground in the second quarter of 2011. Since the structure of La Mascota dips steeply into the mountainside, drilling orientation from surface limited the ability to accurately explore the depth potential of this structure. Deep holes from the surface program have intercepted mineralization as deep as 500 metres but the depth potential can only be precisely explored from underground. Both the La Mascota and La Bodega zones are completely open at depth.
The tunnel will also allow for extraction of bulk ore samples to advance metallurgical testing through the pilot plant during the feasibility study. Ventana anticipates that construction of the entire decline will require 12 to 18 months.
Ventana is completing work on its scoping study and initial mineral resource estimate and the Company remains confident that it will release the results of this NI 43-101 report in early November 2010 as per previous guidance.