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Grenville is a Canadian mining and exploration company developing gold, silver and copper assets in Peru. Peru is a favored mining destination in South America. Peru is known to be one of the world's richest metal producers. The country has vast deposits and is the number one producer of silver, and the fourth and fifth largest producer of copper and gold, respectively. The Company's objective is to acquire properties with high grade former producing mines for exploration, joint venture and development.
The company owns 90% of Minera Grenville S.A.C. in Peru. Minera Grenville owns the Silveria, Espanola and the Chorobal properties. The Silveria project's 3959 Ha covers a group of four past-producing silver-copper-lead-zinc mines 65 miles east of Lima, Peru. The mines were shut down due to financial difficulties caused by political turmoil in the early 1990s. Based on published information, mine plans, production records and reserve calculations obtained from operators of the two mines, the minimum historical production from two of the four mines indicates 39 million ounces of silver, 88 million pounds of copper and 96.8 million pounds of zinc were produced.
The area has garnered significant interest in 2007 when Peru Copper (TSX-V: PCU, AMEX: CUP, BVL: CUP) was acquired for $ 847 million USD by Chinalco Canada B.C. Holdings Ltd. ("Chinalco"), a Company representing Chinese interests. The area currently has large areas of mineral titles acquired or staked by Pan American Silver, Rio Tinto, Glencore and local Peruvian Company Vulcan. The property report may be found at http://www.grenvillegoldcorp.com/Properties/Silveria/tabid/63/Default. aspx
The Espanola Property is an iron-oxide-copper-gold target, with similarities to Olympic Dam (2000Mt of 1.6% Cu, 0.06% U3O8, 3.5g/t Ag and 0.6 g/t Au) in Australia and Candelaria in Chile. These deposits host many different types of metals with high grade mineralization. The property is located 60 miles south of Lima, Peru.
The property report may be found at:
http://www.grenvillegoldcorp.com/Properties/Espanola/tabid/68/ Default.aspx
A total of 45 grab samples of rock were collected from various underground workings with assays ranging from 70 parts per million to 11.37 per cent copper and 0.007 to 0.794 grams of gold/tonne. Mineralization on surface is hosted by steeply dipping malachite-stained quartz veins averaging between 0.5 to 3 meters wide. In the underground workings sulphide mineralogy consists of bornite and chalcopyrite. Results are consistent with the former producing Raul/Condestable Mines, located 15 kilometers west of Espanola. These mines are reported to have produced have produced over 20 million tons of ore grading 1.5% copper and 0.5 grams of gold per tonne. The average of the samples was 0.19 ppm Gold and 2.51% Copper.
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SOURCE: Standard & Poor's
Grenville Gold Corporation A. Paul Gill, 604-669-8842 pgill@grenvillegold.com or Standard & Poor's: Customers: Richard Albanese, 212-438-3647 richard_albanese@standardandpoors.com or Media Relations: Michael Privitera, 212-438-6679 michael_privitera@standardandpoors.com
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