Mitre Mining Corporation Ltd (ASX: MMC) executive director Ray Shorrocks joined Jonathan Jackson in the Proactive studio this morning to talk us through the company’s recent Chilean acquisition. Following shareholder approval, the company is now poised to establish major silver-gold resource at its new Cerro Bayo project. Mitre takes hold of the existing JORC inferred resources of 3.82 million tonnes at 206g/t for 24.7 million ounces silver equivalent, and importantly Cerro Bayo has substantial scope for rapid growth, with extensive known high-grade mineralisation outside the resource. The project also includes infrastructure valued over A$150 million to support a future restart of operations, including a 500,000 tonnes per annum operational mill, extensive underground mines, power network, offices and workshops. With $8.3 million in the bank after a capital raise and drilling to begin shortly, it's all systems go for Mitre.
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