Golden Goliath Resources Ltd. Is a junior mining exploration company listed on the TSX Venture Exchange (GNG TSX.V). The Company is exploring a former producing gold/silver mine in the Uruachic mining district in the Sierra Madre region of northwest Mexico. The former San Martin mine lies within the Company’s 100% owned San Timoteo property.
Golden Goliath owns an additional 7 properties in the Uruachic mining district in Chihuahua State, Mexico, which has a production history dating back to 1700’s and 1800’s. Those 7 properties are currently under option to Fresnillo PLC, which is developing the Orisyvo gold deposit, which lies about 15 kilometers to the southeast. The option payments to Golden Goliath from the Fresnillo agreement are sufficient to meet the basic financial requirements of Golden Goliath for several years.
Fresnillo’s nearby Orisyvo deposit is expected to be a significant gold and silver producer which will beneficially impact the region. In June, 2012, Fresnillo announced in a Chihuahua newspaper that the Orysivo project has already had USD$150 million spent and will require an investment of USD$800 million more to carry out pre-feasibility and construction. The number of direct jobs will be 1,500 and the life of the project will be 15 years; however the Company leaves open the possibility to stay longer according to the development of the operation.
The extensive upgrade of local access roads and in the town itself will also benefit Golden Goliath. Additionally, the construction of a gold/silver mill at Orisyvo could have significant impact on the development at San Timoteo.