Aguila American Gold (CVE:AGL) has reached a deal with the Peruvian community of Mollepina as it seeks to advance its Angostura gold project, the company said Monday.
The acreage located in Southern Peru covers about 5,198 hectares and
consists of nine exploration concessions and two claims which cover the
main portion of the Angostura gold prospect.
The community agreement grants Aguila the right to conduct
exploration activities like soil studies, diamond drilling and
geophysics, as well as providing complete access to the land, utilizing
specialized man portable equipment to reduce surface impact while
permitting construction of basic infrastructure, camps and offices as
Aguila said the initial term for the agreement is two years, under
which the company has agreed to maximize local employment and help to
enhance the community’s basic infrastructure.
The deal represents the final requirements to submit Aguila's 8,255
metre drill plan, with the receipt of a drill permit expected in early
The drill plan is broken up into two planned phases. The first phase
aims to drill 3,015 metres to delineate a near surface resource, while
phase two aims to advance the potential resource down dip and along
strike, Aguila said.
Meanwhile, the company also noted it has agreed to assist in the
formalization process of Mollepina’s artisan miners located on the
Delicia concession, where it has granted 10-hectares for their exclusive
use and operations.
Indeed, Aguila will help artisan miners in all legal proceedings and
proper training, but artisan miners will be responsible for the
development of their assigned area. The company won’t be held liable, as
a result, from artisan miners’ activities.
Aguila said that the artisan miner agreement grants it a one percent
royalty of total sales and the right to purchase artisan miners’
production at market value.
The company, which is publically traded on Canada's junior stock
exchange, explores and develops mineral properties mainly in Peru.