Santa Rosa Gold Mine, Panama
Golden Phoenix currently owns a 10% interest in the Santa Rosa Gold Mine in Panama. Our Panamanian partners elected not to pay the option price to acquire our 10% interest in the project. We intend to either participate as a 10% owner in the Santa Rosa project, or sell all or part of our interest to a third party.
Our Panamanian partners continue drilling and other exploration activities at the Santa Rosa Gold Mine.
- Project size: 3500 hectares
- NI 43-101 inferred gold resource estimate prepared by SRK Consulting (U.S.) Inc.
- 669,000 contained oz. gold; 2.137 million contained oz. silver **see cautionary note to U.S. investors
- Former producing mine: over 100k oz/gold produced 1996-1998
- Santa Rosa has two components: the Santa Rosa deposit and the Alto de la Mina (ADLM) deposit
- Project feasibility was completed in October 1993 for gold production using heap leach methods on the ore produced by open pit mining methods.
- Construction of the project occurred during 1994 and 1995.
- Commercial production at Santa Rosa was achieved in the second quarter of 1996.
- Low gold prices and significant debt resulted in Santa Rosa being shutdown in 1999 and the subsequent bankruptcy of it former operator, Greenstone Resources Ltd.
About the Santa Rosa Gold Mine
The Santa Rosa gold deposit is located near the city of Cañazas in Veraguas Province, Panama, approximately 300 kilometers southwest of Panama City. Access to the site is via paved road from the paved Pan American Highway. These roads are suitable for the transportation of major project components. Cañazas itself is 15 kilometers north of the Pan American Highway.
Infrastructure at Santa Rosa is well-developed for the project. Power is available from the national grid, however, previous operations utilized self-generated power to meet peak demands. Water is readily available from surface sources as well as existing wells.
City of Cañazas
The city of Cañazas has the required infrastructure for operations including regular public transportation to Santiago and Panama City. Cañazas has paved roadways, hospital, schools and other necessities of a town. Much of the mine infrastructure from previous operation exists, however elements of the existing infrastructure will need to be rehabilitated for use in a new operation.
**Cautionary Note to U.S. Investors Regarding Estimates of Inferred Resources: This website and the report referred to on this web use the site term “inferred resource(s)”. We caution U.S. investors that while these terms are defined in, and permitted by, Canadian regulations, these terms are not defined terms under SEC Industry Guide 7 and generally are not permitted to be used in reports and registration statements filed with the SEC. “Inferred resources” have a great amount of uncertainty as to their existence, as well as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category, such as “measured and indicated” as defined under Canadian regulations or “proven” or “probable” reserves as defined in SEC Industry Guide 7. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves”, as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves. U.S. investors are further advised not to assume that any part or all of an inferred resource exists or is economically or legally minable.