Nortec May Acquire Doubloon’s Ecuador Gold Mine Stake, CEO Says

Nortec Minerals Corp., a Canadian miner with operations in Europe and the Americas, is seeking to acquire a 51 percent stake in an Ecuadorean gold mine from Doubloon Exploration Corp., Chief Executive Officer Mohan Vulimiri said.

The company is “hoping” the Ganarin gold and silver mine in southern Ecuador holds as much as 2 million ounces of gold, Vulimiri said today in a telephone interview from Vancouver.

Ecuador’s southern Andean region near the Peruvian border holds some of the country’s richest mineral reserves, Vulimiri said. Nortec is interested in acquiring new mining concessions in the South American country, he said. Jorge Glas, the nation’s strategic sectors minister, said in June the government plans to offer new licenses to help develop copper and gold deposits, without giving more details.

“We’ve always considered Ecuador to have excellent potential for hosting some real big deposits,” Vulimiri said. “We’re looking for bonanza resources.”

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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