Canadian entity negotiating for 'hard rock' property
Stabroek News
April 30, 2004
Canadian junior mining company, United Development International (UDI), says it is in the final stages of negotiations for a substantial property in Guyana, which Stabroek Business has been told is a hard rock property.
UDI has mining rights to three properties in the Mazaruni and Cuyuni rivers and exploration rights to a property in Saskatchewan, Canada.
"We are in the final stages of negotiations on a substantial property in Guyana, as well as entering multiple discussions on gold-bearing properties in Australia," UDI President Robert Doherty said in a press release.
UDI recently exercised its option to purchase an additional ten miles of river claims on the Mazaruni River in Guyana, bringing its total property holdings in the area to 20 miles.
The company says the total estimated potential asset value of the Mazaruni property could now easily exceed US$150 million based upon historical gold and diamond production records, as well as recent reports garnered from gold and diamond production records generated by the former owners of the property on the Mazaruni River.
UDI requires very specific mining equipment to initiate gold and diamond production on its river claims in the Mazaruni River project, and Pan-American jigs are being used for diamond recovery.
UDI has teamed up with Guyana Primary Resource to work on mining properties in Guyana.