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PanTerra sharpens focus on Dominican Republic

29th January 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) - Gold miner PanTerra Gold on Tuesday confirmed that it would focus its immediate attention of its operations in the Dominican Republic, after withdrawing from the Azuay gold project, in Ecuador.

The miner said in a statement to shareholders that the Dominican Republic would be its sole focus over the near term, as the country offered significant exploration potential and political stability.

PanTerra would focus on the optimisation of gold and silver production at its Las Lagunas project, and would accelerate exploration activity during the second quarter of the year, with some 30 000 ha held in three prospective exploration concessions.

The miner would also work to extend the life of the Las Lagunas project through further exploration, acquisition, joint ventures or toll treatment agreements.

Earlier this month, the Las Lagunas plant returned to full production capacity after suffering mechanical issues at the processing plant at the end of last year.

The miner said this week that optimisation of the plant performance would continue after a scheduled biannual plant shutdown to undertake general maintenance and minor improvements.

Plant throughput and rates of recovery for the current quarter were expected to be up on the previous two quarters, now that the grinding circuit was capable of operating at design levels, the company added.

Meanwhile, recently appointed MD and CEO Andrew Pooler has tendered his resignation from the company, effective from January 28.

Executive chairperson Brian Johnson said on Tuesday that the company would not proceed with its previous concept of locating senior management in Canada, and applying for a dual listing on the TSX.

Johnson said that the company was now looking at merger and acquisition opportunities which could accelerate the growth of the company.

Edited by Creamer Media Reporter

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