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Monday, 14 January 2013
Canamex Resources has enough cash for exploration into early 2014
Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) provided investors with an update Tuesday on the status of its Bruner gold project in Nevada and the Aranka North gold property in Guyana.
The company said it had in excess of $4.1 million cash on hand at the end of 2012, and believes it has enough to carry out its exploration work at both projects into early 2014.
"2012 was a pivotal year in Canamex's development. We wish to thank our shareholders for their support, and look forward to building on the results of last year during 2013," said company chairman and CEO Robert Kramer.
At Bruner, a total of 11 reverse circulation drill holes and one diamond hole were completed in the fourth quarter at the Penelas East disovery area. The company said it expects to announce all drill results by the end of January, with a follow-up campaign currently being planned.
Drilling is anticipated to re-start in March, depending on winter weather and spring thaw conditions.
The Bruner project is located in central Nevada, about 45 miles northwest of the Round Mountain Mine, which has produced over 10 million ounces of gold over a 30 year period. Historically, Bruner has produced around 100,000 ounces, at an average grade of 0.56 ounces per ton.
At its asset in South America, Canamex said soil sampling one metre deep across eight square kilometres of the Ridge Anomaly has found two "prominent gold-in-soil anomalies" - Ridge North and Ridge South.
Ridge South has overall dimensions of 1 kilometre wide by 1.8 kilometres long, while Ridge North is 0.8 kilometres wide by 1.2 kilometres long, with the two anomalies separated by a distance of one kilometre.
The south anomaly has been the focus of power auger drilling program, with a total of 35 holes completed before the holiday break from a planned 120-hole campaign. A total of 90 samples have been sent for analysis, with the field program to restart in mid-January.
The remainder of the power auger holes will be wrapped up by the end of February, with all results expected in by the end of March.
Late last month, the Vancouver-based company closed a further financing with US giant silver producer Hecla Mining (NYSE:HL) for just over $21,000. Hecla already owned roughly 15 per cent of Canamex.