HUNTINGTON BEACH, Calif., May 12 /PRNewswire-FirstCall/ -- FIMA, Inc. (Pink Sheets: FIMA), an emerging land development company incorporating resource exploration and mining, oil and gas exploration and extraction, and commercial and luxury residential real estate development in Central and South America, announced today that its subsidiary GoldSource has contracted the final environmental study based on the final mine design flow line for its Los Mates gold and silver project in Colombia. This latest step is one of the final regulatory hurdles for the Company before it begins the actual extraction process.
According to a Company spokesperson, "We are understandably anxious to move past the final regulatory steps in order to commence further operations at the Los Mates project, particularly in view of the most recent geology report detailing the amount of proven, probable, and possible gold and silver reserves at the site. However, we are also going to be very careful to conscientiously observe all of the necessary legal and regulatory requirements so that we can maintain sustained, healthy production levels for years to come."
Part of the Company's optimism stems from the tremendous opportunities in the current gold market. Global production of gold was at its peak in 1999 at just over 2600 metric tonnes, but has since hovered at or just below 2500 tonnes per annum every year since (Source: http://www.goldsheets.com/). These production levels are not sufficient to meet annual global demand which has averaged more than 3800 metric tonnes from 1997 to 2002, creating a production shortfall of approximately 50% per annum (Source: World Gold Council). This tremendous disparity has been made up through the reintroduction of scrap into the market and the gradual sale of central bank gold reserves. However, as India and China, the world's largest and third-largest consumers of gold respectively, continue to industrialize, demand seems likely to increase, but the supplies of gold reserves in central banks cannot make up for the production shortfall indefinitely.
About FIMA and GoldSource:
Through its wholly-owned subsidiary GoldSource, FIMA controls promising gold and silver property in the highly productive precious metal rich regions of Colombia. In the Los Mates Project, systematic sampling programs have demonstrated a tenor average of 10.2 g/ton of gold and 2.3g/ton of silver. GoldSource is also in the initial phases of negotiations to acquire additional promising mineral properties in other parts of Latin America as well. Because of the tremendous demand for gold and the concomitant rise in gold prices, properties such as Los Mates that have proven and probable reserves have become highly sought after. FIMA and GoldSource are actively engaged in the ongoing process to identify overlooked properties and bring them to production in order to take advantage of the tremendous market opportunities.
Contact:
FIMA, Inc.
info@fimadevelopmentinc.com
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