CD International Enterprises today announced Minera MAPSA, a Peruvian mining and exploration company, has finalized the complete title transfer of 178,000 acres of mining properties in southern Peru to CDII Minerales Peru SAC. With this transfer complete, CD International’s wholly owned subsidiary CDII Minerals and MAPSA each have a 50% interest in CDII Minerales Peru SAC. The transferred property is broken down into three project sites, with the SAMA site, an area spanning 128,000 acres, being the largest.
Commenting on the announcement, Mr. Ross Friedman, Vice President of CDII Minerals, stated, “We are excited to now be in full partnership with MAPSA as we work together to further this important project in Peru. With the mining rights now in control of CDII Peru and with preliminary geological studies pointing towards vast iron deposits at SAMA, we are now in a position to develop this mining project in the coming quarters. We have been in discussions with several potential investors and partners for this iron ore production project and these developments will help us substantially in furthering those discussions in the near term. We believe that if we are successful in those discussions, production from these mining sites could begin in 2014 and generate substantial cash flow for CD International for years to come. We are confident that CDII Peru has positioned itself to potentially become a premier distributor of iron ore from Peru and we look forward to continuing our work to reach this goal for the benefit of CD International and its stockholders.”
Starting in April 2013, both parties began initial independent geological exploration efforts on 1,728 acres of the SAMA site to determine the area’s potential for iron ore deposits. This explorative study included magnetic susceptibility tests, geological and geomagnetic research, as well as sampling and chemical analysis testing. Certimin S.A. in Peru tested and examined the site samples. This study estimated that these 1,728 acres contain around 14 million metric tons of iron deposits, and the chemical analysis of the samples revealed an average iron content of 47% to 50% magnetite. While further geological testing and study remains to be done, these are strong indicators that there are vast amounts of iron deposits at the SAMA site. Both CD International and MAPSA are negotiating with prospective partners in China to begin excavation efforts.
Commenting on the announcement, Mr. Fernando Bayona Pelaez, President of Minera MAPSA S.A. stated, “We are pleased to formally begin our joint venture with CD International in Peru. MAPSA has pledged approximately 178,000 acres of its concessions to CDII Minerals in order to obtain large scale foreign investment from China with the hopes of developing the iron mining industry as well as the semi-finished steel products industry in southern Peru. We believe that with the financial backing, steel expertise and buying power of the right partner in China, coupled with the local mining expertise of MAPSA and the unique skill set of CDII Minerals to act as a multi-lingual, business services and managerial bridge, we will be perfectly positioned for this project to become one of largest, high quality iron ore production sites in the world.”
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