The San Miguel project is located in Chihuahua, Mexico, and lies in the Temoris mining district; part of the prolific gold-silver belt of the Sierra Madre Occidental. The project area is just a few kilometers northwest of the town of Temoris and immediately east and north of the old village of Guazapares. It is accessible by vehicle and railway and has well-developed infrastructure with a recently constructed 33,000 volt power line. The Temoris mining district lies within a northwest trending belt of gold and silver deposits in the western portion of the Sierra Madre Occidental. Gold and silver mineralization in the project area occurs as quartz veins and breccias within the west-northwest- and north-northwest-striking faults.
The San Miguel project has been divided into four zones, each with different geology, and thus, with a different development strategy, including the San Antonio Zone, San Luis Mine Zone, Montecristo Zone, and San Miguel Zone.
HIGHLIGHTS:
- In 2007, closed US$25 million in private placement financings
- Completed 30,000 meters of the ongoing 50,000 meter drill program, totaling 175 drill holes; assay results pending on last several holes
- Two sub-parallel mineralized zones – approximately 10 kms of strike length
- National Instrument 43-101 compliant mineral resource estimate released on June 25, 2008 shows 108.5 Million Ag-equivalent ounces at San Miguel
- Paramount controls a 70% interest in the San Miguel Project
- Paramount controls more than 100,000 hectares in the Sierra Madre
- Geologically similar to Palmarejo’s Trojan Project (3.1 M oz Au equivalent) recently acquired by Coeur D’Alene for $1.1 billion
- Sierra Madre Belt - historical production of 40 million ounces gold and 2 billion ounces silver
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