Gold American Mining Corp. (SILA.OB) is a publicly traded precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential.
Based in Reno, Nevada, SILA has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations.
**(SILA.OB) Gold American Mining Corp. Reported Additional Positive Results From High-Grade Guadalupe Property
SILA reported additional positive results from its Guadalupe property, located in the heart of the Fresnillo district, Zacatecas, Mexico.
Fieldwork continues to identify additional veins within the property — as such several veins remain without names.
To date nine veins have been mapped within the Guadalupe property.
In certain locations the width of sampling was limited by the size of the workings and as such the true width of mineralization remains unknown.
The Guadalupe property contains two historically significant mines and is located in one of Mexico’s oldest mining districts, roughly 5 miles north of the Fresnillo (Proaño) Mine, the world’s richest underground silver mine, operated by Fresnillo plc.
Roughly 6.8 miles to the southwest of SILA’s Guadalupe Property is the Juanicipio Joint Venture (JV) between MAG Silver Corp. (MAG) and Fresnillo plc, which is known as one of the world’s highest grade undeveloped silver resources.
The Property contains greater than 20 known workings as well as two historic mines — Santa Rita and San Antonio.
Historic records containing references to the Santa Rita and San Antonio mines suggest that both mines were important and reached their height of production between 1910 and 1920 but were last in production in the 1980s.
The property is completely surrounded by land controlled by Peñoles (either through Fresnillo or other subsidiaries and partners).
But wait there is more!
** (SILA.OB) Gold American Mining Corp. Signed an Option Agreement on High-Grade Silver-Gold Property in Sonora, Mexico
In addition, SILA recently reported it has signed an option agreement to acquire a 100% interest in the high-grade silver-gold La Escondida Project located in Sonora State, Mexico.
The La Escondida property is comprised of two mineral concessions that cover 439.8 acres approximately 124 miles northeast of the city of Hermosillo in Sonora State, Mexico.
The surrounding region has seen significant recent activity by foreign mining companies.
Nineteen miles to the northeast of the property is NYSE-listed Yamana Gold Inc.’s Mercedes project, a development stage gold-silver project expected to start production at a rate of approximately 120,000 gold equivalent ounces per year from 2012.
Eighteen miles to the north of SILA’s La Escondida project is the Oroco Resources Corp.’s Cerro Prieto project, which recently reported 383,833 ounces gold and over 6 million ounces of silver reserves.
“The La Escondida project is a valuable addition to our growing project portfolio,” commented Johannes Petersen, President of Gold American. “It has an exciting potential to host a gold-silver deposit and the property’s infrastructure is excellent. A sampling program carried out at the end of 2009 showed that the property contains multiple targets with high-grade silver grades and good values of gold and lead. Several of the target zones remain open in at least one direction, and it has been determined that historic workings reached only the 30 meters depth level. These findings are significant in that there is the potential, with additional exploratory work, to show mineralization over much greater strike lengths and depths,” added Mr. Petersen.
Keep a close eye on SILA from now on!
Gold and Silver are precious metals, which is considered as currency across the globe.
Although primarily used as a store of value, gold has many modern industrial uses including dentistry and electronics. Gold has traditionally found use because of its good resistance to oxidative corrosion and excellent quality as a conductor of electricity.
Perhaps that’s the reason why gold is trading around $1,227.20 an ounce.
If asked, how high do I think gold could go before the end of 2010, my response would be just two key words phrased from that question.
How High!
For more information about this company please visit http://www.gold-
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