Start Exploring Gold and Silver Mine in Peru for 2011

Sulliden Exploration Inc will start its gold and silver mine in Peru in 2011. About $120 million Shahuindo mine is expected to produce 200,000 ounces of gold a year. The mine, near Newmont Mining Corp.’s Yanacocha and Barrick Gold Corp.’s Alto Chicama mines in the northern Andes, has resources of 1.5 million ounces of gold and 35 million ounces of silver. They have raised $7 million in the markets to finance drilling.

About 300 mining companies are developing precious- and base-metals deposits in Peru, the world’s biggest silver producer and the third-largest in copper and zinc. Sulliden, whose shareholders include investment funds Aberdeen International and Socrate Inc., has 800 hectares (1,976 acres) of exploration concessions in Peru and an option to take an additional 12,000 hectares. Read detail

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