Special Report - The 'new' Clavo Rico Leachpad explained. Dear Shareholders,
With all the excitement of our new leachpad facility being constructed at the Clavo Rico concession, we thought it might be of interest to you, our shareholders, to explain in a little more detail the process of what is happening and what this will mean to the concession once the project is soon completed.
Let me repeat something that was mentioned in our recent quarterly report yet possibly not emphasised sufficiently. Honduras has suffered a 100 year type of rainy season an incredible 52 inches of rain falling in just October! Through all this, our construction crew has managed to complete the main leaching pad, plus the three storage ponds, and will soon finish the storm water pond. The rock crusher, which will crush all of the ore to pebbles a maximum of 5/8 inch in size, has been delivered to the mine site and is in the process of being installed and made operational. The new extendable conveyor belt system is over 450 feet in length and has been manufactured and shipped from Texas and has now arrived at the mine. At this point we will assemble the equipment to start loading the pad. To meet our goals it will be necessary to be able to load 500 tons of ore on the leach pad each day. The equipment has been sized to achieve or exceed that level of movement. The total capacity of the leach pad will be approximately 600,000 tons of ore and by loading 500 tons per day the life of the leach pad is estimated to be about four years, with the capacity to expand further quite easily.
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Dear Shareholder, Mayan Gold has made considerable progress in the last three months. In spite of torrential rains that turned roads into rivers, we have been able to bring the expansion of our extraction capabilities to near completion – a monumental achievement in these conditions by our team. On the phase one of the leaching pad, all of the construction, earth moving and laying of the impermeable membrane has been completed. The construction company has given us the date of October 6, 2011 as their completion date for the main leaching pad and all of the subsidiary storage ponds. We have attached to this quarterly report a PowerPoint display showing the extent of the construction project undertaken by the Company. It shows the three ponds that are required to not only capture the solution that contains the gold, but which are also necessary to be in compliance with the Environmental Department requirements for a clean, efficient, and environmentally compliant operation.
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QUARTERLY UPDATE – July 2011