-Innocent, Inc. engages in the exploration and development of mineral properties. The company owns interests in the Maria Olivia Concessions and Miranda PLSA projects located in Ecuador. It primarily explores for gold and silver. The company was founded in 2006 and is based in Wilton Manors, Florida. -Operations
Innocent is focused on acquiring in-production and near-term production mine operations in two distinct gold mining districts in south-eastern Ecuador, Zaruma-Portovelo and San Gerardo.
In each of the districts, the company has completed extensive research and due diligence on multiple projects. These projects are strategically located in geographic clusters close to known gold resources. Innocent is in varying stages of negotiations to acquire the projects from, or enter joint-venture agreements with, the current project owners. -LATEST NEWSIndependent Geological Report Indicates Exploitable Gold Deposits at Murciealago Vizcaya and Lilly Rai Properties ::
-------------------------------------------------------------------------------- Innocent Inc. announced today additional information in follow-up to its regulatory filing and press release of August 9, 2010. Innocent reported the findings of an independent geological report on the Murciealagos Vizcaya and Lilly Rai mining concessions in Ecuador’s El Oro Province.
The report, prepared by independent consultant Mr. Edgar Pillajo G., MBA. P.Eng., conservatively estimates the concessions contain 144,492 ounces of inferred gold and recommends specific mining approaches to enhance exploration and increase production.
Significantly, the report states that its estimates of potential gold resources are very conservative as they are based on mining to a depth of only 200 meters, whereas veins on the properties may continue for up to two kilometers in depth, as reported in the literature of epithermal deposits.
The Zaruma-Portovelo area, according to the report, is a large epithermal system from which only 33 per cent of the potential mineral resources have been extracted to date. The summary of the inferred gold resources are as follows:
Murciealagos Vizcaya area, 116,619 ounces Lilly Rai – El Gallinero area, 19,259 ounces Lilly Rai – Veta Lilly Rai area, 9,114 ounces Total inferred gold resources, 144,492 ounces.
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“This geological report confirms our strong belief that the Murciealagos Vizcaya and Lilly Rai properties hold abundant gold resources that we will be able to exploit quickly and economically,” said Richard Diotte, Innocent’s Vice-President, South America Operations. “Based on the report’s findings, we feel the application of more advanced mining technologies and practices at the concessions could lead to the discovery of larger gold reserves at deeper depths and result in substantially higher production capacity.”
Innocent is in the process of closing the Murciealagos Vizcaya and Lilly Rai acquisitions and expects to announce completion of the agreements in the near future. Immediately following signing of the deals, Innocent intends to introduce a new work plan that will rapidly expand mining operations at the two properties.
Innocent’s acquisition of the Murciealagos Vizcaya and Lilly Rai concessions supports its core business strategy of acquiring clusters of in-production and near-term production mines in both the Zaruma-Portovelo Mining District and the nearby San Gerardo Mining District, also located in El Oro Province.
Geological Report Recommendations
With respect to mining operations, the report recommends the following:
Implement a mining program in which the properties’ gold-bearing quartz veins are simultaneously exploited and explored. The objective would be to put in place within one year at least 15 work fronts. The production goal initially would be 10 tons per day on each front, or 150 tons per day total. Mining in Ecuador: A Background on the Zaruma-Portovelo Mining District.
The Incas were producing gold in the Zaruma-Portovelo area when the Spanish founded the city of Zaruma in 1549, according to the United Nations and other sources. This activity was interrupted by the outbreak of the Wars of Independence in 1810, and gold production ceased for a number of decades.
In 1897, an American mining company, the Southern American Development Company (SADCO), gained control of the district’s main gold deposits. In the 53 years that followed, SADCO recovered some 3.5 million ounces of gold and 17 million ounces of silver from 8 million tonnes of ore mined from its Portovelo-Zaruma and Minas Nuevas operations.
The bulk of gold, silver and base metals was produced from the Portovelo Mine at the southern end of the Portovelo-Zaruma-Minas Nuevas mineralized vein system. The Portovelo shaft reached a depth of 660 meters below surface and the mining operations on the multiple vein system extended over 2.6 kilometers of strike.
By 1946 SADCO stopped all exploration and development work and concentrated on mining the remaining high-grade stopes (cut-off grade of 12.5 g/t of gold).
Subsequent mining activity in the area has been mostly by relatively small and informal operations owned by individuals and small miners’ associations from shallow underground workings.
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To make a long story short INCT has a working gold mine in Ecuador. They are just getting going on it. With gold around 1250.00 an ounce this is a ground floor chance!!
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