Govt bets on future of gold, uranium mining

Bnamericas Published: Monday, June 08, 2009
The Paraguayan government is focusing its efforts on gold and uranium development, the deputy minister of mining and energy Germán Fatecha told BNamericas. "These are the two resources we are very optimistically working on," he said."No other significant mineral deposits have been discovered that are worth developing." In April Vancouver-based Cue Resources (TSX-V: CUE) updated the resources at the San Antonio deposit of its Yuty uranium project in Caazapá department, increasing the indicated category by 77% and grades by 40%. OTHER COMPANIES According to Fatecha, since the new mining law was passed in 2007 there has been a significant increase in the number of companies interested in investing in Paraguay. "Despite the global crisis we are receiving a number of inquiries into permits for gold and uranium prospection and exploration ," he said. Currently the ministry is classifying the companies asking for exploration and prospection rights by experience, capacity and structure "in order to diminish the possibilities that these resources fall into the hands of speculators," Fatecha added. In Paraguay companies such as Minas Paraguay and Guairá mine gold. Others such as Cue Resources and Crescent Resources (TSX-V: CRC) explore for uranium.

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