Panama, March 11, 2016 (Newswire.com) - Pana Mining Holding Group Corporation, the Panama based mining company, announced today that it is engaged in late-stage talks with the owners of a major Nevada gold project that, if concluded successfully, will see the Panama-based gold mining and exploration company enter into a highly lucrative joint venture.
The owners, who wish to remain anonymous because of an existing co-production agreement with another partner, have spent over US$26 million in development and research with varying degrees of success in terms of return on investment.
Given the efficacy of our technique and the obvious benefit to the owners of a joint venture, we would expect to be in a position to make a formal announcement of a memorandum of understanding shortly
Devansh Garg, CEO, Pana Mining Holding Group Corporation
Negotiations center on the way forward, following a series of encouraging test extractions conducted on the clay-type ore indigenous to the Humboldt Sink by Pana Mining Holding Group.
Several larger mining companies have loose claims on other areas within the region but have had limited success in extracting enough metal from the difficult-to-process ore to make large-scale operations economically viable.
The area was once ocean bottom and when the seas receded, significant mineral deposits were formed.
Though the region is effectively a vast desert, the water table is unusually close to the surface, a factor that facilitates easier mining.
“Numerous geological studies have confirmed the presence of 1-2 ounces of gold per ton of ore but its composition has, until now, repeatedly frustrated efforts to extract it cost-effectively until now,” Devansh Garg, Chief Executive Officer at Pana Mining Holding Group.
“Our Green Gold System 2 technique has yielded highly-impressive results while keeping a firm lid on costs.”
“Given the efficacy of our technique and the obvious benefit to the owners of a joint venture, we would expect to be in a position to make a formal announcement of a memorandum of understanding shortly,” says Garg.