Guatemala

Goldex’s Prestigious El Pato Project is Located in the Republic of Guatemala

Guatemala Overview

Guatemala is a mountainous country bordered by Mexico, Belize, Honduras, El Salvador, and both the Pacific Ocean and Caribbean Sea. The country is segmented into three major regions, the highlands, the pacific coast, and the Peten region. Guatemala is the flagship of Central America, accounting for almost 40% of the areas GDP. Guatemala is a presidential representative democratic republic, where the president is both head of state and head of government.

On Jul. 9, 2007 Roberto Sifón-Arévalo, an analyst with the credit-rating company Standard & Poor, commented on Guatemala's upgraded long-term ratings, and said Berger's government has provided sound economic policies that future presidents might retain.

Canada and Guatemala work closely together on a number of issues of common concern at the multilateral and regional levels. Bilaterally, the two countries cooperate on issues of human rights, democratic development and socio-economic equity.

El Pato

El Pato is a gold vein target located within an emerging gold district in Eastern Guatemala. Recent exploration by several major and junior mining companies, including Glamis Gold, Gold Fields and Radius Explorations has highlighted the potential of the district, which lies in a tectonically active region between the Motagua and Jocotán Faults and marks the suture zone between the colliding North American and Caribbean Tectonic Plates.

El Pato has a prestigious legacy of discovery having first been first explored by the United Nations in the late 1980’s and early 1990’s. At that time, the UN made a historic inferred resource estimate of 430 000 oz Au. Goldex has recently completed phase one confirmation drilling and has made many valuable discoveries in addition to the high grade surface zones and historically explored areas.  These discoveries range from extremely high grade float samples, to additional and previously unknown zones of mineralization. 

The El Pato Project consists of two mineral exploration licenses which cover an area of approximately 126 square kilometers. The current El Pato Project Exploration Licences were granted to the 99% Goldex-owned Compañía Mineria el Cóndor, S.A. in October 2003 and March 2004. Royalties on the property consist of a 1% NSR is payable to the Mining Directorate of the Guatemalan Ministry of Energy and Mines and a US$1/ounce of gold produced royalty payable to El Condor Resources for the gold extracted from the El Pato Property.