14th Feb 2014 09:12
LONDON (Alliance News) - Mariana Resources Ltd Friday said one of its field technicians is believed to have been abducted from near the Condor de Oro project in Peru.
The AIM-listed exploration and development company with operations in South America said the technician was supervising a project to introduce coffee plants to the Los Naranjos community on its site, and is believed to have been abducted by members from the neighbouring community of Supayacu.
The company's Condor de Oro concessions are located on the territory of the Awajun community of Los Naranjos. Mariana, along with its partner Exploraciones Aguila Dorada SAC, provide social programmes to the community in order to maintain good relations as it develops the proposed gold-copper site.
Mariana said the incident was immediately reported by EAD to local authorities.
The company said the situation is being closely monitored as it affects logistics and safety in the near term, and said it is doing everything within its power to assist and ensure the safety and release of the contractor.
The most recent exploration drill hole at the Condor-de-Oro site yielded the strongest porphyry-style copper-molybdenum mineralisation of testing to date, including a 102.8 metre space at 0.19% copper from 277.9 metres in depth.
The company also noted at the time that molybdenum mineralisation is widespread in the site with scout drilling finding a 192.5 metre space at 132 parts per million of molybdenum from 277.9 metres in depth.
Mariana said in January the results of the CDOYE-5 drill and four others at the site have confirmed the size and intensity of a key mineralised zone called Pucayacu and, as such, the company decided to continue with its Condor de Oro option into a second year.
Mariana can acquire a 51% interest in parts of the Condor de Oro site from Condor Resources Inc within four years through certain exploration costs and payments.
The option meant that Mariana paid USD200,000 to Condor in January and continues its expenditure commitment of USD1.5 million, most of which has already been spent on the site.
Mariana shares were down 8.5% to 3.27 pence, putting it in the top AIM losers in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Mariana Resources