Hamilton Resources, Ltd., the investment capital partner and one of the controlling shareholders of Gorgona Gold S.A.C., announced today that Gorgona Gold has executed a Memorandum of Understanding with Latin American Mining LLC. Under the terms of the agreement the two companies will combine certain mining assets under one holding company which will hold both an operating mine in Chile and several exploration projects in Peru.
A definitive financing and merger agreement is being negotiated with a private foreign investor. Gorgana and LAM have agreed to form this alliance with the intent of assisting each other in arranging and raising capital to fund their respective projects in a collective effort.
Latin American Mines LLC (LAM) controls the Mina Rosa 1-20 mine in Chile. The mine is producing approximately 600 tonnes a month of copper oxide and other minerals with an approved exploration plan to produce up to 4,999 tonnes. LAM is under contract to purchase Chilean producing processing plant Planta Miranda. LAM will increase Planta Miranda’s current production capacity from 40 tonnes per day to 120, process Mina Rosa’s ore there, re-process Planta Miranda’s approximately 500,000 tonnes of gold concentrate tailings, continue with its mineral aggregation business, and trade copper, gold, and other minerals using Mina Rosa as a base of operations.
About the Company: Hamilton Resources, Ltd. is a Peruvian mineral exploration company engaged in the acquisition, exploration, and potential development of precious minerals properties, principally in Peru.