Gammon Lake Resources is a public company that is growing rapidly — now moving toward significant gold production while continuing to expand its 4,4 million ounce gold-equivalent resource at its 100% controlled Ocampo gold/silver project in northern Mexico.
Gammon Lake has completed the reacquisition of the rights previously held by Bolnisi Gold NL, Sydney, to earn a 60%-interest in the Ocampo Open-Pit Joint Venture Area. The Company now owns 100% of the entire 3,499-hectare Ocampo Gold/Silver Project, including all underground and open-pit resources and exploration targets at this project, located in the state of Chihuahua, Mexico.
Combining the 1.4-mil. gold-equivalent ounce advanced-stage resource now in the final feasibility stage at the Open-Pit Area with the last-announced nearly 3-mil. oz. gold-equivalent resource developed by Gammon as of mid-2003 at the Northeast Ocampo Underground Project Area, the Company now controls 100% of a total 4.4-mil. oz. of gold-equivalent resources at the consolidated Ocampo Gold/Silver Project.
Under the terms of the transaction that re-acquired the Bolnisi interest, Gammon Lake paid Bolnisi $US 5-million to terminate its rights under a prior earn-in agreement at the Open-Pit Joint Venture Area of Ocampo, and has received from Bolnisi all final feasibility data that the latter developed in advancing the open-pit resource to production.