Real del Monte Mining Corporation
Real del Monte Mining Corporation RMM (TSE) and RDMFF (NASDAQ)
NOTE: Trading halted 4Jun99 and trading suspended on TSE on 8Jun99. Reason is Insolvent Liquidation and Resignation of Board. Acting Board of Directors has authorized the acting President and CEO to file an assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada).
Press Releases and News dated June 4, 7 and 8, 1999.
HISTORY: Name changed from Consolidated Nevada Goldfields Corp.
Merged with Grupo Real del Monte (GRDM), a private Mexican company which is a subsidiary company of Grupo Acerero de Norte, S.A. de C.V. (GAN). Grupo Real del Monte controls numerous properties in Mexico including:
Pachuca Tailings Project, Hidalgo. Located 60 mi NE of Mexico D.F.this major historic Ag camp made a lot of tailings during it's life. RDM is investigating the feasibility of reprocessing around 90 million tonnes of tailings, the majority of which are from more than 100 years of floatation processing. The average grades are 40 gpt Ag and 0.17 gpt Au which is about 115 million ounces of Ag and 465,100 oz Au. Kilborn Ltd. did a feasibility study for the Mexican government in 1989 and Lakefield Research performed metallurgical tests with positive results at the same time.
PDAC literature March, 1999
Pachuca Real del Monte, Hidalgo. Located 60 mi NE of Mexico D.F., this major Ag camp has been in operation for over 465 years. Land consists of 400,000 ha in district and minesite features a 3000 tpd mill. Aggregate production is between 1.3 and 1.5 billion ounces of Ag and 6 million ounces of Au. (NOTE: that accounts for 6% of world's Ag production over the last 450 years). 1Q97 improved production to 1,300 mtpd. Lower than expected ore grades and blockage of buried tailings pipe lowered production in 2Q97. Proven and probable ore reserves as of 2Q98 stand at 7,800,000 tonnes grading 264 gpt Ag and 1.4 gpt Au.
LAMR May, 1998
Magistral del Oro Au Tailings: Located at Santa Maria del Oro, Durango. Mine closed in 1962, but a tailings pile leaching plant recovers 2.2 gpt Au and 6 gpt Ag. 1Q97 reported low leaching kinetics and excessive Cu absorption. Metallurgical testing continuing. Studies have concluded that reprocessing these tails is uneconomic at present gold prices (October, 1997). Operation put on hold indefinitely. Exploration of area for additional primary reserves ongoing. Altered areas appear promising. Optioned this asset to Crown resources in Jan. 1999
El Baztan, Michoacan. Based in Huetamo de Nuņez it is an underground Cu mine and exploits high-grade Cu which is recovered through floatation along with Mo and tungsten. Production complicated in 1Q97 due to lower concentrate uptake at SLP smelter. Actually two mines at El Baztan: Vista Hermosa a skarn and the other, El Arroyo, a vein mine. Combined production in 3Q97 was 23,214 tonnes which gave 791,000 lbs Cu and 405 oz of Au. Proven and probable reserves are 890,000 tonnes at 1.87% Cu. Possible additional reserves delineated at Vista Hermosa are 450,000 tonnes at 1.5% Cu.
Barita de Sonora. An open-pit barite operation E of Hermosillo whose product in mainly used in the Mexican oil industry. It maintains a close relationship with Baroid International. Low equipment availability and high overheads resulted in below budget performance in 1Q97. Ditto for 2Q97 CNGF considering options. As of January,1998 a sale to third party considered upon completion of legal matters and due diligence.
Debt restructuring is underway through a $45 million credit commitment from Standard New York Inc. and Standard Bank London, Ltd.
GCN #2 5Jan98
GCN #1 2Jan98
MBD December, 1997
MBD October, 1997
MBD June, 1997
GCN #94 15May97
NMN v83#6 04/07/97
MBD April, 1997
MBD January, 1997
WWW info 4Dec96
NMN v82#21 07/22/96
MBD August, 96
GCN #57 20Mar96
LAMR v3, #7 July 96
NMN v82 #5 04/01/96