UPDATE: Plexmar Down Nearly 8%, But Off Day Lows On Peru Update

By Midnight Trader,  April 04, 2012, 11:34:14 AM EDT

Plexmar Resources Inc. (PLE.V) today reported that it has scored major breakthroughs in its effort to secure the surface rights to explore the Bolsa del Diablo project.

It has been decided that a formal community assembly be convened before month's end to approve a surface rights access agreement allowing Plexmar to pursue its exploration program. This assembly will include the miners and all the residents. In return for the surface access rights, the Company will help expedite the formalization of the miners present on the Company's concessions, hire local residents and local service providers to help in the exploration programs and help locate funding for a Social Enterprise that will generate employment and benefits for the whole community.

The Pampa Larga community covers 42,000 hectares and has approximately 2,000 residents that are scattered over some 15 small villages. Some of those villages are remote from the center and have no road access making it difficult for their residents to attend community related meetings during the rainy season which has been especially long this year.

The Peruvian legislative council recently adopted decrees amending the Mining law. These have prompted the informal miners and the community to seek formalization with the Company in exchange primarily for the access rights to explore.

In light of those recent developments, the Impact Environmental Study report prepared in the past will be reviewed and filed with the MINEM (Ministry of Energy and Mines). The approval of this report by the MINEM is a pre-requisite, along with the surface rights access agreement to obtain the drilling permit.

A total of $10.3M has been invested since 2005 in Plexmar related properties in acquisition costs, exploration, and processing plant.

More than 3.35 million shares have changed hands.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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