Red Eagle Mining Corp. (TSX-V: RD) (OTC: RDEMF) is a gold exploration and development company developing the San Ramon Deposit within the Santa Rosa Gold Project located in the Antioquia Batholith in Colombia. Mining at the Santa Rosa gold project pre-dates the 17th century. 45,000 meters of core drilling have been completed on the San Ramon gold deposit and a positive Feasibility Study supports project development. Red Eagle also holds an extensive portfolio of exploration properties throughout Colombia including the Pavo Real project. SNNLive spoke with Ian Slater, CEO of Red Eagle Mining Corp. at the New Orleans Investment Conference 2014.
Mr. Slater begins with an overview of the company, “Red Eagle Mining is a gold developer in Colombia. We’re three years actually since our discovery hole and we just issued a feasibility study so we’re going to build the first modern gold mine in Colombia commencing in Q1 2015.” As our host points out, it's a process when setting up shop abroad, and Mr. Slater responds, "We've worked with the government from day 1, and we were granted the first modern mining license in Colombia in August." He goes on to explain: "Well, there's lots of mines in Colombia, so there's some of the biggest coal mines in the world, BHP has a huge nickel mine there, but because of the war there's been no application for a new mining license in the last decade."
"So we have a full license for construction and operation subject to the environmental permit, which we submitted the application in February, so we've done a full environmental link back assessment together with the local university actually...we're expecting a result by February 2015," he states. On the resource itself, he says, "Well actually they're reserves. We issued our feasibility study in October, two weeks ago. We started with 400,000 ounces of reserves, but that's only in the top 200 meters; it's open at depth, and we just acquired the ground from AngloGold to the East that's on strike, so we'll have at least one million ounces in this particular share zone, but we have 330 square kilometers, and there's immense amount of artisanal and historic mining on the surface...so just in the area where the initial share zone is, we've now found almost 2,000 underground mines. It's an unbelievable amount of old activity here, but it's only in the top 20 meters, so beneath that - the first modern exploration happened just in the last 3 years."
Mr. Slater goes into the safety and security of mining in Colombia, “it’s 100% safe where we’re working in just north of Medellin, when I say Medellin everyone in North America remembers the 1980s drug cartels, but that’s not what it’s like at all now. Medellin is a city of a million people that’s just a great place to live and work.” For more information, check out their website: www.RedEagleMining.com
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