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Strata Gold’s future a casualty of financial meltdown

Oct 16, 2008 News

…as Global Financial crisis worsens
Strata Gold Guyana Inc says that the future of the mining company in Guyana is dependent on the availability of capital.
The management pointed to the fact that the uncertainty in the global economy has resulted in capital being severely restricted to all sectors, particularly mining and exploration.
The parent company (Strata Gold) yesterday, responding to a request by this newspaper, noted that the company had significantly reduced its work force, sparking fears of a pull out from Guyana.
The company noted that it was not pulling out of Guyana but that its 2008 exploration programme was coming to a close.
“Our future exploration programmes will be dependent on positive results from this year’s programme as well as the availability of capital…We continue to be optimistic on the exploration potential of our Guyana projects and look forward to continued exploration success into the future.”
The company’s has a mining property located three kilometers west of Port Kaituma that serviced by an all-season road, a paved airstrip and a deep-water port.
The deep-water port and railway line were built by the African Manganese Mining Company during the 1950s for open pit manganese mining operations located 80 kilometers (km) west of the property, at Matthews Ridge.
Ore was transported by rail to Port Kaituma, where ocean-going vessels were loaded with the manganese ore for shipment to international markets.
Strata Gold was granted the Kaituma Prospecting License in November 2005.
Historical exploration work on the property included a ground scintillometer uranium survey by Cogema in 1980 and during the period from 1996 to 1998.
A High Sense airborne magnetic and radiometric survey was conducted as well as soil geochemistry programs over the property.

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