Sao Paulo , Brazil (PressExposure) August 05, 2013 -- C2C Explorations' Ibirapuera property is situated in the state of Bahia in the north east of Brazil, and hosts a closed underground gold producing mine. Until recently C2C Exploration had sampled ore grades at only 4 of the 8 known prospects on the site. All 4 prospects yielded significant gold values at surface levels, including the Ibirapuera prospect which is now known to hold over 500,000 ounces of mineral gold, as well as extensive iron ore reserves.
After initial samples were taken over recent weeks, exploration drilling is now scheduled to continue at the Bahia property commencing in the first quarter of 2013, to complete the planned exploration mandate. To fund the completion of the project C2C Exploration will need to raise an extra US$300 million.
Chief Executive Officer at C2C Exploration Mr Chris Jarvis said "C2C is currently cash rich following this outstanding last quarter and strong 2012 earnings overall. We will be investing further within Brazil, but at minimum we require an extra US$300 million to complete the project. We'll therefore be offering the opportunity to our investors to further share in our success."
The project site has excellent infrastructure; roads, power, communications, and abundant local mining labour, and according to James Hamilton an Executive Director at C2C, Bahia could become the company's prime asset across the next two years, overtaking the Santo Amaro project".
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