Colombian Mines Corporation (CMJ.V) announced the formal registry of the previously approved Consolidated Concession Contract for the company's Yarumalito Project. The action consolidates the 1,456 hectare Yarumalito property into a single concession contract with up to an 11 year exploration period and other benefits that simplify the management of the property in the future.
Registration of the Consolidated Concession Contract was a prerequisite before the company could submit water diversion and discharge permit applications to begin drilling. Upon registration of the contract, all applications for water diversion and discharge permits necessary for drilling were submitted and are in process.
Under the Yarumalito Joint Venture, an expanded program of soil geochemistry and geological mapping was recently completed. Results are being interpreted and 2013 drill plans will be finalized by the end of March.
CMJ shares fell a penny to $0.43.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
