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Orinoco Gold's substantial shareholder lifts stake on-market

Last updated: 12:30 28 Oct 2015 AEDT, First published: 11:30 28 Oct 2015 AEDT

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Brazilian-focussed Orinoco Gold (ASX:OGX) has received a change in interests from its substantial shareholder Joseph Santos Pinto.

The holder has acquired around 3.56 million shares on-market for a consideration of $524,769, bringing the stake to 32.96 million shares, or 16.07%.

Orinoco shares last traded at $0.20, which is more than three-times higher than where they started 2015.

The company has potential for an imminent production start-up at the Cascavel gold mine in Brazil.

All Cascavel development activities are on schedule, both in Brazil and in Australia.

Factory commissioning of the gravity circuit in Australia is complete, and all components of the process plant having now been fabricated.

Australian-supplied equipment is ready for shipping in the final week of October and Brazilian-supplied equipment (including conveyors, ore feed bins and cone crusher) is on track for scheduled transport to site in early November.


Cascavel potential

Cascavel is part of Orinoco’s Faina Goldfields project in a rich but under-explored part of Goias that has yielded numerous multi-million ounce deposits such as Anglo Gold Ashanti’s (ASX:AGG) world-class +5-million-ounce Serra Grande mine and Yamana Gold’s (TSE:YRI) +6-million-ounce Chapada mine.

Faina Goldfields has all the hallmarks of an emerging mining centre, potentially with multiple production centres.

Orinoco’s objective is to fast-track early cashflow from Cascavel through an initial small-scale, low-cost mine development, with the cashflow then used to expand the operation by unlocking multi-million ounce potential within Orinoco’s tenement holding.

 

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