Nilam Resources Inc. (NILR.OB), a gold production company that is actively expanding its land portfolio in Peru and other countries in South America, recently announced that the company has commenced a schedule for production of 1.2 million tons of high-grade tailings at its wholly-owned Llipa property. Once the tailings are re-processed, the company plans to utilize the funds to finance the final infrastructure enhancements required to move the mine into full production.
Tailings are produced following partial or complete extraction of the metals during the milling phase and contain copper, gold and silver, which are not extracted during the processing phase. The previous owners of the Llipa project have completed an evaluation of the tailing and estimated that the property contains approximately 1 million tons of tailings at a grade of 0.77 percent copper and 8.7 g/ton gold and 2 g/ton silver, creating a significant asset for the company.
Nilam Resources was established to focus on Peru’s precious and base metals reserves. The company plans on becoming a major production company through acquiring additional producing mines and a series of joint ventures on high-potential mining properties.
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