Belize’s economy took a new turn in 2006 when “black gold”—crude oil—was discovered in commercial quantities in Spanish Lookout, Cayo, but discoveries of raw gold a year later, at Ceibo Creek in the Maya Mountains, within the very same district, has not been met with the same type of hype, even though the recovered gold is valued well over a million Belize dollars.
Yes! Belize has gold, and it seems enough gold to attract the sustained interest of Erin Ventures, Inc., a company whose headquarters are located in Victoria, British Columbia, Canada. The company claims that it is well past the exploration phase, and has been undergoing commercial-scale gold recovery since October 2007.
In its January 8, 2008, report, Erin Ventures indicates that between June and November, it recovered a total of 904.2 oz. of raw gold—just over 56 pounds of gold or 25.7 kilos. They have been harvesting 3 to 4 kilos of gold a month. At a value of roughly US$670 an ounce, the harvested gold has an estimated net value of at least US$600,000 or BZ$1.2 million.
“Of this total, 762.4 oz. of gold has been recovered during commercial production using a low-cost gold recovery dredge, and 141.8 oz. of gold has been recovered during bulk sample exploration using a trommel,” said the release dated January 7, 2008, issued by Blake Fallis, general manager.
Erin Ventures reported that it suspended its operations in mid-December, due to the weather, but said it plans to resume operations as soon as conditions improve.
The company reports that their property consists of 4 contiguous exclusive prospecting licenses covering approximately 34 square kilometers or 13 square miles, and a 160.25 hectares (396 acres) mining license in west/central Belize.
The property reportedly belongs to Boiton Minerals Limited (owned by George Boiton, Sr., of San Ignacio, Cayo). That company had been granted a mineral license by the Geology and Petroleum Department in the late 90’s. Official department information posted just after BNE struck commercial oil, does not mention Erin Ventures, but states that, “Since 1999, Boiton Minerals Ltd. has mined alluvial gold in sub-commercial quantities in the Ceibo Chico Creek area, Chiquibul Forest. Earlier this year, two new companies, Pan African Co. Ltd and Orion Ltd., have recently been awarded gold exploration licenses in this area.”
Erin Ventures said that in 2005 it entered an agreement with Boiton Minerals to acquire 90% of the prospect at Ceibo Chico by making payments of up to US$100,000 over a five-year period. It was committed to making a minimum US$100,000 investment in exploration and/or development in the first 12 months.
Under the agreement, Boiton Minerals retains 2.5% royalty interest on the minerals, Erin reports.
Erin Ventures’ directors are listed as Tim Daniels, Jim Wallis, Dr. Dragoljub Jujic, and Dr Dennis LaPoint. The company trades on the stock exchange as “EV” and its website is www.erinventures.com.
Erin Ventures also has an operation in North Carolina, USA, and it says it is expanding operations at both sites.
The company’s Management Discussion and Analysis, for the period ended September 30, 2007, states that the “Belize Ministry of Mining” – we infer it means the Ministry of Natural Resources – recently granted an extension to its mining license, increasing the coverage from 96 acres to 396 acres.
“This expansion insures that Erin has exclusive mining rights to 100 percent of the land that comprises the Fan area of the Ceibo Chico Creek drainage system,” the document states. “Additionally, Erin holds 4 contiguous, exclusive prospecting licenses covering approximately 34 square kilometers (13 square miles), containing what is believed to be the host source of the residual gold found within the drainage system.”
Boiton Minerals reportedly harvested 600 ounces of gold from the same area between 2001 and 2002.