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Port Kaituma Project
On March 1, 2008, Guyana Gold Corp. and Octagon Mining Corp. entered into a Joint Venture Agreement in which the Company acquired a 50% working interest in certain mineral projects in Guyana.
The terms of the Joint Venture call for Octagon Mining Corp. to be responsible for the mining operations and Guyana Gold Corp. to provide assistance in expanding the Port Kaituma operation. Per the Agreement, the Company acquired its 50% working interest from Octagon Mining Corp. in exchange for 1,000,000 shares of Company common stock, all of which were valued at $0.50 per share.
The mineral projects in the Joint Venture are comprised of 6 blocks, with each block consisting of 1,200 acres and 44 claims, for a total of 7,200 acres and 264 claims. These claims are located in the Port Kaituma Region in Guyana. The main mineral interests in Guyana are gold, diamond and bauxite and, recently, semi-precious stones. Octagon Mining Corp. is currently producing 100 ounces of gold per month.
About Octagon Mining Corp.
Octagon Mining Corp. a 5 year old mining exploration company is engaged in the acquisition, exploration and production of mineral properties, primarily for gold and other minerals. The Company's strategy involves a results-oriented approach towards exploration research, supported by the scale expansion of the field operations on carefully selected assets. Octagon Mining Corp. is focused on working in proven gold camps; on projects which have multiple deposit discovery potential and by utilizing leading edge exploration tools and modern geophysics techniques. Currently Octagon Mining Corp. is producing approximately 100 ounces of gold per month on its Port Kaituma property and is currently in the process of expanding production.
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