Inca Peruvian Mining, Ltd. has signed a ‘letter of intent’ to allow it to acquire up to a 50% share, through a profit sharing agreement, of a project named “The Asia Project”.
The Asia project comprises of two leased mining concessions of 100 hectares each, located in the District of Coayllo, Cañete Province, just outside of the Asia district and about an hour and a half drive from the city of Lima.
Both concessions are in a highly mineralized area and are surrounded by mines operated by two large, well established, local mining companies, Empresa Minera Condestable and Candente Gold Peru. These two companies, operating nearby, mine large quantities of mineral and process it at the processing plant in Mala, which is located 40 minutes from the operating area.
At least 10 veins have been discovered and worked on by informal miners. Inca Peruvian Mining believes that this project can raise the necessary funds in order to progress the production rate and extraction.
The testing from the currently accessible veins have so far returned results of over 20 grams per ton for Gold with traces of Silver and Copper also present.
Inca Mining believes that this project fits well with their strategy of sourcing projects which offer a relatively low capital expenditure with fast potential returns on investment and although mining and processing will be restricted to 20 - 30 tonnes per day while processing through the nearby processing facility, the high grade of the mineral from samples taken make the deal attractive and offer high operating margins.