Gemini Explorations, Inc. in Negotiations With Bogota Based Ore Processing Refinery
Market Wire, March, 2009
Gemini Explorations, Inc. ("Gemini") (OTCBB: GXPI) is pleased to announce that it is in negotiations with an ore processor based in Bogota, Colombia. This processor owns and operates a refinery with a proven record of efficiently capturing gold, silver and lead from ores similar to those that are present in Gemini's La Tapata Gold Mine. In a news release dated August 20, 2008 Gemini disclosed that ore samples from the La Tapata concentrated zones of mineralization yielded concentrations of 9.38 g/tonne of Au (gold) and an impressive 958.8 g/tonne Ag (silver) when subjected to a high yield processing technique with a recovery capability similar to that available in Bogota.
Related Results
As also announced, earlier sampling from the principal vein at La Tapata showed vein rock gold concentrations as high as 243 g/tonne, with an average from two separate sampling efforts of 41.94 g/tonne Au (gold).
Discussions with the refinery owners have covered a number of topics including the logistics involved in shipping the ore from the La Tapata project to the refinery in Bogota. Gemini initial estimates have indicated that this off-site approach to processing is economically viable and would provide immediate cash flow as it moves forward to expand and develop La Tapata. Plans have been formulated to ship bulk samples of ore from La Tapata to the refinery to confirm that the economic benefits of this arrangement meet or exceed Gemini's estimates.
"We are excited about the possibilities presented by a relationship with this refiner," noted Michael Hill, CEO of Gemini. "The use of their facility would allow an almost immediate initiation of mining operations at La Tapata, the cash flow from which would expedite the expansion of our efforts to fully develop that property. We also continue to be optimistic regarding the achievement of a joint venture arrangement for La Tapata which would further accelerate our progress to the benefit of the company and our shareholders."
About Gemini Explorations, Inc.
Gemini Exploration is a mining exploration and development company formed to acquire, develop, and exploit natural resource properties focusing primarily on the rich yet highly underdeveloped gold deposits of Colombia.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation that the proposed joint ventures will be completed, the expectation that additional concessions adjoining La Tapata will be acquired and close on specified dates and the expected completion date of the redevelopment of the La Tapata Gold Mine project. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include among others, the inherent uncertainties associated with mineral exploration and mine development. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2008 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Michael Hill President & CEO Gemini Explorations, Inc. Suite 103, 240-11th Ave SW Calgary, AB T2R 0C3 1-877-331-8777 email: info@geminiexploration.com
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