Pana Mining Holding Group Signs LOI With Owners of Alaskan Mine
Pana Mining Holding Group agrees to raise capital for and deploy extraction systems at high-potential Alaskan mine.
Panama, March 13, 2016 (Newswire.com) - Pana Mining Holding Group Corporation is pleased to announce that it has signed a letter of intent (LOI) with the owners of a high potential Alaskan gold mine that it expects to culminate in another lucrative joint-venture for the Panama-headquartered mineral exploration and gold mining company.
Over the course of several years, numerous geological surveys have shown proven reserves of up to half a million ounces of gold contained within the mine’s boundaries.
The letter of intent we've both signed formalizes our preliminary agreement to help raise the capital that will fund the large-scale mining activities at the mine. In addition, we will deploy our Green Gold System 2 extraction system to process all ore material produced by the mine for a period of 3 years
Devansh Garg, CEO, Pana Mining Holding Group Corp.
With a number of major mining companies in the process of initiating extensive geological surveys of their own elsewhere in the region and the construction of several new roads capable of handling our heavy plant in the area, Pana Mining Holding Group is understandably excited at the prospects for what appears to be a potentially highly-lucrative tie-up with a proactive partner.
Our dialogue with the mine’s new owner has revolved around his desire to begin large-scale operations that will drastically increase the project’s annual gold output.
The mine’s current production levels are too small to support conventional bank financing applications and it is envisioned that a joint-venture with Pana Mining Holding Group will help to secure an infusion of capital to fund a more intensive operation.
“The letter of intent we’ve both signed formalizes our preliminary agreement to help raise the capital that will fund the large-scale mining activities at the mine. In addition, we will deploy our Green Gold System 2 extraction system to process all ore material produced by the mine for a period of 3 years,” explains Pana Mining Holding Group CEO Devansh Garg.