Yannis Tsitos, CEO of Stronghold Metals, Wants to Move Eagle Mountain into Production
Stronghold Metals Inc. (Z – $0.23) is a Canadian mining exploration Company focused on the discovery and development of gold, copper and other metals properties in South America. The Company’s flagship property, Eagle Mountain in Guyana, has a NI 43-101 compliant resource estimate of 733,500 ounces of gold based on 179 drill holes totaling 24,203 meters.
Moreover, results from an ongoing drill program, totaling 15,000 metres, show tremendous upside potential for the resource. To date, Stronghold announced analytic results on 46 holes of which 44 intersected gold mineralization of meaningful widths and grades. This is very exceptional, if not unique.
Interesting to note is that more than 250,000 ounces of gold is hosted in saprolite rock, making it relatively easy to mine the gold at a low cost. It’s Stronghold’s intention to start production of gold from the saprolite host as fast as possible.
In our recent interview, Mr. Yannis Tsitos, the Company’s President and CEO, shares his enthusiasm for Stronghold’s potential to yield significant rewards for investors as it moves towards production.
In 2012, Stronghold aims to publish an updated NI 43-101 resource estimate, which will include the results from the current drill program. The Company will commence mineralogical and metallurgical tests, an environmental base study and it also plans to deliver a Preliminary Economic Assessment on the soft rock saprolitic ore part of the property.
In January of 2012, Stronghold significantly improved its Earn-in and Joint Venture agreement with Omai Gold Mines Ltd., a subsidiary of IAMGOLD Corp, to earn a 100% interest in the Eagle Mountain gold project in Guyana.
The most eye-catching change is that Stronghold doesn’t have to make anymore cash payments to fully acquire the property. The Company immediately receives a 50% stake in the property in return for the issuance of 7.5 million shares of Stronghold to Omai Gold. Moreover, Stronghold earns the right to acquire the remaining 50% interest in Eagle Mountain on or before April 30, 2013, by paying Omai Gold $1 million in cash or shares, at Stronghold’s discretion. Also this event is discussed at length with Mr. Tsitos.
Listen to our interview by clicking the play button on the media player or download the convenient transcript of the interview. We welcome your comments!
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