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Goldtech Mining Corporation, the Company, issues an update on the exploration drilling of the Golpejas Tin & Tantalum deposit.
The Company's Chairman, Tracy Kroeker, visited the Golpejas Property last week and reports that the Scout drilling on the Golpejas property in Spain has commenced. The results from this drilling will be used to determine the grade and locations for the next phase of infill drilling. The Company expects to commence the next phase as early as February. The chairman and field engineers inspected several drilling sites that may prove to contain quality ore deposits necessary to re-establish mining operations at the Golpejas.
"The scout drilling program being conducted is an important step towards further establishing the grades and quantities of Tantalum, Tin, Rubidium, Beryllium, Niobium, Gallium, and Cesium at Golpejas. Initial field analysis showed the mineralization is generally exposed at the surface and should be mineable by low-cost open-pit mining methods requiring minimal blasting and crushing. This property has electric power, good highway access and is in close proximity to a smelter. I was very pleased with the progress and optimistic about the potential to reopen a producing mine at the Golpejas property. As we continue to increase our information on Golpejas, I believe we further substantiate the potential value in this property and as a result, increase the value of our Company and its asset. I plan to announce the results from laboratory analysis of this initial drilling in the next couple of weeks," said Tracy Kroeker, chairman.
The Golpejas property had previously been mined for Tin and Tantalum prior to the world tin price collapse in the early 1980s. Previous mining operations and existing records of the Spanish Institute of Mining indicate that this property has an established resource of tantalum and tin. With the recent increase in the prices of Tantalum and Tin and other rare metals, management is optimistic about the potential for this property. The company expects to further prove and expand the known reserves in order to re-establish mining operations at the Golpejas.
The Golpejas exploration program is a joint undertaking between the Company and Solid Resources, a public company which common stock trades on the TSX Venture Exchange under the symbol SRW and on the Frankfurt Stock Exchange under the symbol A0BLQQ.
Goldtech Mining is a junior exploration mining company which owns a majority interest in the mineral rights to a formerly producing tin mine west of Salamanca, Spain, known as the Golpejas Property. Goldtech seeks to capitalize on the high demand in tin and tantalum as well as other minerals due to international environmental policy changes and an increased use of tin in electronics and other applications.