Gemini Explorations, Inc OTCBB: GMXP
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Gold Exploration Company.
Gemini Explorations, Inc. (GMXP.OB) an emerging gold mining company with significant land holdings in the heart of Colombia's premier undeveloped gold district. Preliminary analysis of Gemini's La Planada gold property have yielded extremely encouraging results and the Company has already identified three significant cross-cutting gold vein zones. Geologists are confident that, assuming the exploration program confirms mineralization to a depth of 200 meters, the resource potential of the La Planada block could exceed three million troy ounces of gold, representing a potential asset value of approximately $2 billion at today's gold prices.
The Company's La Planada gold property is located in the center of one of Colombia's most promising, underdeveloped gold districts. Colombia's 2006 gold production totaled 50 tons.
Early analysis of the property has yielded highly promising results. If exploration confirms the presence of mineral deposits to depths of 200 meters, this block could contain resources of over 3 million troy ounces of gold.
As part of an aggressive discovery program, the Company has commenced a multi-phase exploration and drilling program that focuses on several targets on the property. The Company has allocated approximately $520,000 for Phase I development activities in 2007.
Gemini's head geologist and key managers have extensive gold mining experience and a long association with the mining sector in Columbia. They know how to develop reserves in this region and are well-positioned to compete for additional property acquisitions.
The La Planada holding has a long history of exploration but has not been explored using modern mining techniques. By using advanced technologies, Gemini expects to significantly increase production from this area.
Exploration status
Gemini has two types of exploration properties. The details of the properties are described below:
Canadian property: Company holds exploration right. The property consists of one located mineral claim, comprising a total of 16 contiguous (adjacent) cells situated in north of Canim Lake and straddling Boss Creek. This property is 33 air miles northeast of the town of 100 Mile House in the southwestern portion of Quesnel Highlands in British Columbia, Canada.
Colombian La Planada property: Company holds 100% mining interest. Gemini purchased the La Planada property located at Sotomayor near the capital of Narino Province in southwestern Colombia. This region is one of Colombia's premier underdeveloped gold districts.
The Company holds mining licenses for a period of 10 years with renewal options for an additional 10 years. Gemini has so far carried out the first phase of exploration on this property.
Land structure of the La Planada Property
La Planada has at least 3 different crosscutting vein sets (array of gold deposits). The principal veins range between 0.4 meters and 2.0 meters in width. Other veins range between 3 and 20 centimeters (or more) in width. All the veins carry some sulphides, and free gold was seen in both quartz and with the sulphides. Disseminated sulphides were seen in the host rock sediments and are likely to contain low-grade gold values. However, the samples have not yet been verified through laboratory testing. Samples will be obtained from two newly reported workings, and from mixed vein and host rock material. The Company expects to obtain good values from the vein and sulphide material. Panned concentrates from both vein material and tailings evidence fine to medium grade of gold.
Current status
Company expects to produce 3.1 million troy ounces of gold . The Company is planning to explore for gold through a reverse circulation drill program to confirm tonnage and grade of the deposit. The first phase of exploration revealed that most of the gold is fine and low grade (1.5 to 4g/tonne). A bench test is required to determine the fineness of the gold, sulphide and other metal content. Assuming an average grade of 1.5 to 4g/tonne and that sampling confirms the continuity of mineralization to a depth of 200 meters, the entire block could be mined and processed. A block with a depth of 200 meters, width of 300 meters, length of 400 meters and an average density of 2.45g/cc would produce 59 million tones of ore with a cut-off grade of 1.5g/tonne gold, which translates to over 3,150,000 troy ounces of gold.
15% Annual Growth in Gold Prices
In the international market, the two dominant assets are gold and the US dollar. However rising budget deficits reported by the US government have caused some investors to downsize their US dollar reserves and increase their gold reserves. Gold has been embraced as an alternative investment opportunity by fund managers and other investors, who are purchasing gold to hedge against the risks associated
with long-term dollar depreciation. As a result, gold prices are rising. Gold prices have increased from $265 per ounce in Jan 2001 to a current price of around $678 per ounce, an annual growth rate of approximately 15% over this period. The following graph shows the price movement in gold since January 1991.
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