Jul 2015 | STRACON GyM announces awarding of new contract in Colombia

STRACON GyM is pleased to announce that it has reached an agreement with Red Eagle Mining Corporation for the development and operation of the gold mine "San Ramon", located in the Antioquia Batholith near the town of Santa Rosa de Osos, 70 kilometers north of Medellin, Colombia.

STRACON GyM has been awarded the service contract for an amount of US$ 155 million to develop and operate for a period of eight years the San Ramon mine. In addition, as part of the agreement, STRACON GyM has acquired shares from Red Eagle Mining Corporation for an amount of US$ 3.5 million, and after signing the contract, a new purchase of shares for the same amount will make STRACON GyM a minority stakeholder with 19.94%.

San Ramon project will produce 50,000 thousand ounces of gold annually though a 360,000TPY plant capacity during the lifetime of the project and plans to start such operations in 2016.

"STRACON GyM is committed to providing these services with the highest safety, quality and compliance standards while respecting the environment, communities and unifying efforts with Red Eagle Mining Corporation to develop the San Ramon project."