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The Santa Gertrudis Gold Project (the "SG Property"), located 180 km north of Hermosillo,Sonora, Mexico, was discovered by Phelps Dodge in 1986 and advanced to open-pit, heap leach production in 1991. Campbell Resources purchased SG from Phelps Dodge in 1995 for $10 million. From May 1991 to October 2000, the SG Property produced 564,000 ounces of gold at an average grade of 2.13 grams per tonne. During the same period, the Amelia Mine, previously owned by an Australian company, is reported to have produced over 1 million tonnes at 2.88g Au/tonne ounces of gold from the Amelia deposits directly north of the Campbell operations. Remaining historic resources for the SG Property as reported by Campbell Resources (Oro de Sotula) when production ceased in 2000 (Barrera, November 30, 2000) include 8.1 million tonnes averaging 0.94 g Au/tonne on the Lopez-Limon concessions, and 5.9 million tonnes averaging 1.71 g Au/tonne on Sonora Gold Corporation's concessions. These historic resources cannot be relied upon as they do not meet CIM definition standards but are reported here for historical purposes only. The historic production figures were compiled by MDA. The Company has not completed sufficient work to validate the information and is not relying on these estimates as a current mineral resource estimate.
The Company consolidated the concessions within the main district thus allowing for a district-wide exploration program. Other mineral properties that are part of the SG Property package include recently staked ground to the west, northwest and southeast of the SG Project's historic workings.
Past work on the properties is extensive, and most of this documentation was available to Animas Resources allowing the Company to design a comprehensive, model-driven exploration program.
Animas Resources will own directly or have options to earn-in on a combined holding of approximately 34,800 hectares in the SG Property (214 square miles). The SG Property is part of the Santa Teresa Mining District in the Cucurpe Municipality of the northern Mexican state of Sonora. It lies within Mexico's "Free Zone", which allows for imports to incur a 33% lower import tax.
In addition to verifying near-surface, oxide mineralization, Animas Resources' veteran geologists aggressively defined the economic potential in the SG Property's numerous known sulfide zones, ignored during the open-pit, heap leach operations of 1991 -- 2000, as well as investigating potential, deep feeder structures of Carlin- type mineralization throughout the property.
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