Rosita Mining begins drilling on Nicaragua site
The cost of the drill program is expected to fulfill a four-year, $4 million option.
"We are excited by the important multiple technical and corporate objectives of this drill campaign," Craig Pearman, president and CEO of Rosita Mining, said. "Most significantly this drill program will advance our understanding of the economic potential of the Rosita project."
The Rosita project is in the Region Autonoma Costa Caribe Norte (RACCN) autonomous region, Nicaragua, and is located 275 air kilometers northeast of the capital city of Managua and 120 kilometers west of the port town of Puerto Cabezas.
A reverse circulation drill contract for a minimum of 2,500 meters has been signed with Aquatec De Nicaragua S.A. (for Continental Drilling S.A.).
The company is predicting the completion of the fourth and last phase of the expenditure requirement ($1.5 million) to be incurred in a drill campaign. The drill program is budgeted to cost a maximum of $275,000.