Quri Resources, Inc. entered into a Letter of Intent with G&G Mining Corp., granting Quri Resources the option to acquire the Melina Project in Ecuador.
Quri Resources, Inc. plans to acquire 100% interest in the Melina Project. This property is located 150 kilometers northwest of Quito. Access to the project is via paved roads maintained by the municipality of Pichincha. The Melina Project has an area of approximately 722 hectares (1,784 acres) and is located inside the mining district of Pacto. Geological studies, carried out by Ecuador’s Government in cooperation with the British Geochemical Survey in 1990, revealed two very important gold anomalies measuring approximately 500 meters in diameter in the Pacto mining district, one of which lies entirely within the Melina Concession.
Concentrations of 68 to 107 grams of gold per ton were recorded in previous geochemical studies undertaken by G&G Mining Corp., in June 2008 (Inspectorate Labs, report 69064L/08-6GEO).
Ivan Villarreal, Senior Geologist of Quri Resources, Inc., stated: “This project has a very high recovery potential. The area of the gold district of Pacto is very rich and underdeveloped. With respect to the geochemical report from the government, the anomaly to the south has proven to coincide with two of the richest gold veins of the sector. I expect we will have similar discoveries in the area of the Melina project.”
Eduardo Mu?oz, VP of Quri Resources, Inc., added: “Following the company’s diversification strategy, this is an important step towards fulfilling our growth expectations in South America. We have a very good relationship with G&G Mining and this letter of intent to acquire Melina puts us closer to our transformation into a producing gold company.”
Quri Resources is a U.S-based junior mining company committed to the exploration, discovery and development of gold, silver, copper and other mineral resources. Quri Resources, Inc. holds mining rights and mineral concessions throughout Ecuador. These concessions are in different stages of exploration and development.
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