Alto Group Holdings Announces Approval of Commercial Exploitation License of Bouge Gold Project
- Business & Finance
Alto Group Holdings, Inc., an innovative mining and commodities trade company headquartered in New York, exploitation license of the Bouge gold project.
On November 29, 2010, the company executed an agreement to acquire mineral rights of the Bogue River Dredging Concession in Mali, West Africa. The Bogue River Concession comprises a 10 kilometer long permit with 500 meter wide easement on both sides on the Bogue River in the Bougouni Region of Mali. This newly approved license will now allow this gold property to be put into production commercially and this event marks the needed approval to take the project into the next phase of operations.
ABOUT THE DREDGE:
In December 2010, the Company acquired a Nessie N8DX cutter head dredge to be deployed in the Bogue River Concession, which is able to extract material at the rate of 100 yards per hour. Although the dredge has not yet been put into operation, assuming that the Bogue River concession contains an average grade of 1 gram of gold per cubic yard (approximately $43.00 at the present bullion spot price), if the Company’s dredge were to operate consistently for 12 hours per day for 30 days, the gross production potential of this dredge, and others that may be planned for the Bogue River Concession with similar operational and yield characteristics, could approximate over $1.5 million in gross revenue per month.
Source: Marketwire, April 7, 2011;