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C2c Exploration Expected To Receive Investment Capital Required To Fund Bahia Drilling Within Q1
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Feb. 4, 2013 - Despite C2C Exploration being cash-rich following an extraordinarily profitable final quarter in 2012, CEO Mr Chris Jarvis will continue as planned to seek investor capital in order to finance the proposed expansion and drilling work at the company's Bahia site.
Mr Jarvis furthermore stated the boards' defined target of sourcing an additional US$300 million to fund the project is now expected be reached within the first quarter of 2013, most likely by the end of February, although he declined to comment on the exact figure raised thus far.
At a public announcement held this morning in Sao Paulo, Mr Jarvis stated “this funding exercise should not be an alarm bell for investors, but should exhibit our aggressive aim to capitalise on today's mineral market and this excellent property acquisition which we are supremely confident in.”
The Ibirapuera project in Bahia, is at this time C2C's flagship project, and has a well developed surrounding infrastructure, where production cash-costs can be minimised. This combined with the proven reserves the mine holds, and the accessibility of those reserves, makes it an attractive proposition for the company and its investors.
Following the recent analysis and approval of test samples taken over the final quarter of 2012, exploration drilling is still in process at the Bahia property and will continue for many months. However those prospects sampled thus far have demonstrated significant gold values at their surface levels.
While the full extent of the mineralisation on this site remains to be determined, the board of directors at C2C state they unanimously believe the mine will deliver strong returns, and that this can be expected to begin as early as this summer.
This press article contains forward looking statements. Past performance does not guarantee future results. This article does not constitute any part of C2C Exploration's annual report, prospectus, offering memorandum or any other document required for Security Commission compliance. C2C Exploration makes every effort to ensure the accuracy of the contents of its articles. There may be errors, omissions, technical or typographical errors for which the company assumes no responsibility. C2C Exploration does not guarantee, warrant or make any representations regarding the accuracy, usefulness, validity, reliability or completeness of the information contained in this article. C2C Exploration will not be held liable for any direct or indirect damages including, but not limited to, negligence by employees or persons working under contract for the company.
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