By Joel Scanlon
ESM Refiners, a subsidiary of Casey, has started due diligence to buy the properties for exploration and mining at the Oriental area in Paraguay.
The company has planned to enter into gold exploration and mining market in early 2011, so it has signed an agreement with Inge Bernt Goran Ostlund to acquire 6,300 hectares in Guaira Department of Oriental Region in Paraguay.
At present, Casey is targeting mainly gold and probably uranium mining, so it is estimating many other properties in the Oriental Region of Paraguay. The company is interested in the areas, which are particularly situated in Guaira, Caaguazu and Caazapa regions. The Paso Yobai mine is famous for major gold mining and exploration, situated in Guaira Department. Additionally, early soil historic operations have confirmed the excellent resource potential at Guaira, Caaguazu and Caazapa.
If the exploration area is of substantial interest then after finishing the due diligence, the company anticipates buying at least two more properties.
This week, Casey has commenced due diligence schedules, which includes testing, reading current geological reports and past workings, in addition to surface samples gathering. The company has achieved more than $60m in sales for the last 12 months, and expects to expand to exploration and mining industry keeping in view the above sales it achieved.