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Minera Andes engages Macquarie Bank Limited for debt financing for San Jose project
The project finance facility with Hochschild has several benefits including no hedging for gold and silver production. Currently a total of US$49 million has been advanced to the project by way of bridge loans while the final documentation is being completed on the main loan facility.
...Minera Andes' joint venture partner, Mauricio Hochschild &
El Trumai is in the western Deseado Massif along a north trending lineament which also hosts Minera's Mauricio Hochschild and Barrick's La Paloma gold project.
Aurcana Corporation - News Releases - NEWS RELEASE - Mon Aug 21, 2006
, Mauricio Hochschild to drill additional holes
...The second phase of drilling which is being carried out by Aurcana's joint venture partner, Mauricio Hochschild & Compania S.A.C. ("Hochschild"), follows up on earlier drilling on the Escuadra vein where two holes intersected 1.16 metres grading 4.45 g/t gold and 1.0 g/t silver and 1.15 metres grading 4.78 g/t gold and 108 g/t silver.
The first hole of the second phase (Hole #1) was drilled at -70 degrees to a depth of 503 metres and the intersection of the vein was almost perpendicular to the drill hole from 445.3 metres to 446.2 metres.With this high grade silver intersection the Escuadra vein has now been traced from surface to a depth of approximately 400 metres and based on previous drilling the gold grade has remained consistent but the silver grade has increased markedly from approximately 100 g/t to 700 g/t.Hochschild
has planned two additional holes to further test the Escuadra structure with the first of these two holes currently underway.This hole is being drilled approximately 150 metres southeast of Hole #1 and is attempting to intersect the Escuadra vein approximately 50 -- 70 metres below the high grade silver intersection in Hole #1.
To date Hochschild
have completed approximately 4,419 metres of diamond drilling on the La Virgen property and results indicate that the structure with the most potential is the Escuadra vein.The increased silver grade intersected in Hole #1 is potentially very important as the Escuadra vein roughly parallels the main silver producing structures of the world-class Zacatecas camp to the north.
In addition to the drilling on the Escuadra vein, Hochschild
continued to map an area, the "Sinter Zone", previously reported by Aurcana
in a press release on September 9, 2005.The recent mapping has identified zones up to two metres wide striking in a NE-SW direction on surface and Hochschild geologists mapped underground workings consisting of 400 metres of horizontal tunnels over 50 metres vertical.Hochschild
mapped hematite and argillic alteration and obtained grab samples of up to 4.0 g/t gold.The Sinter Zone is a potential drill target following work on the Escuadra vein.Hochschild
is earning a 70% interest in La Virgen by spending a total of US$2.5 million on exploration over four years and making property payments to the underlying owners.Hochschild
must spend US$150,000 in the first year, US$500,000 in year two, US$850,000 in year three and US$1.0 million in year four before it earns its interest in the property.
SilverStrategies.com Company Profile
The San Jose mine's operating partner, Mauricio Hochschild and Cia.
The Gold Hunter : Companies
Jun 15 2004 - MINERA ANDES INC. (MAI.V) Gets Quarterly Update On Development Work At San Jose J.V. Minera Andes Inc. is meeting this week with representatives of their joint venture partner Mauricio Hochschild and Cia.Ltda. (MHC) at the San Jose Project ...