New Dimension Resources Ltd. (TSX VENTURE:NDR) has reported that title confirmation has been received by Minera NDR Peru S.A.C. for the last original concession within the Company's Cenepa gold project, located in northern Peru.
"I am very pleased with our success in obtaining title to the last original concession which was staked in 2006," said Fred Hewett, President and CEO of New Dimension. "Now that the Company has received titles to all ten original concessions we can focus on advancing the Cenepa gold project, which represents a significant land position where mineralization as seen at Kinross' Condor Project in Ecuador, projects across the border into Peru. Management believes the potential for discovery here is significant."
The Property totals over 9,000 hectares in northern Peru along its border with Ecuador and covers the southern projection of a 20 kilometre long north-south trending mineral belt that includes Kinross' Condor Project and the Fruta del Norte gold discovery.
The Condor Project, situated in Ecuador adjacent to the Peruvian border, was acquired by Kinross in September 2008 and hosts a NI 43-101 compliant Inferred Mineral Resource at the Fruta del Norte deposit of 13.7 million ounces of gold. Kinross has stated they intend to complete a pre-feasibility study shortly and expect to complete a full feasibility study within the first half of 2011.
Also within Kinross' Condor Project is the Aquas Mesas Sur prospect, which includes an announced drill intercept of 51.1 g/t gold over 9.2 metres. This prospect is the southern-most known gold occurrence within this emerging gold belt and is located only five kilometres north, and on trend with, NDR Peru's Property.
To date there has been very limited exploration in Peru in the area where the Condor Project mineral trend crosses the border. However based on the known trend of mineralization, a similar geologic environment and field results, the Company believes the Property is highly prospective for new discoveries. During the past year, NDR Peru completed two successful prospecting programs on its Cenepa concessions, which returned positive gold values from stream sediment sampling and outlined three gold anomalies with values greater than 400 ppb.
Source: New Dimension Resources Ltd.