St. Elias Mines (CVE:SLI) announced Thursday further exploration and development plans for its Tesoro gold project in southern Peru.
"After careful review, we have adopted a two-part strategy to advance our Tesoro project over 18 to 24 months," said president and CEO, Lori McClenahan. "In order to carry out the strategy we will need additional capital. We are focused on completing our financing and hope to do so during early 2013, if market conditions permit."
One part of the Tesoro strategy involves exploration to explore for new gold-bearing material. St. Elias said it has established "a number of attractive targets" for a 3,000 to 5,000 metre diamond drilling campaign.
The second part of the strategy involves development, focused on more than 20 waste rock dumps left behind by prior mining activity.
St. Elias plans to sample and test the dumps and prepare an NI 43-101 compliant resource estimate. The company intends to follow this up with a prefeasibility study to determine whether gold could be profitably recovered from the dumps, providing cash to support additional exploration.
In October, the company raised $10 million to support its exploration activities in Peru.
Later that month, St. Elias also announced a $0.25 million, phase one exploration plan for its Gold Summit property in southwestern British Columbia.
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