Cleveland Mining Co Limited (ASX: CDG) – $0.081

28 Jul 2014

Cleveland Mining has signed a Mining Heads of Agreement with fellow Brazilian gold company Orinoco Gold Limited (ASX: OGX). Under the Agreement, the company will assist Orinoco in mining, extracting, processing and selling gold ore from Orinoco’s 70% owned Cascavel Project with the ore to be transported and processed at the company’s 50% owned Premier Gold Mine.

The two projects are located 120km from each other in central Brazil with extraction of up to 50,000 tonnes of ore at a target production rate of at least 500 ounces of gold per month. The proceeds from gold sales will be divided equally between the parties after recovering mining, transportation and processing costs.

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