Vancouver-listed Bolivar Goldfields will use proceeds from a $7.5-million financing to expand exploration in Venezuela’s Bolivar state. Activity will be focused on the gold districts of El Callao, Chicanan, El Dorado and Marwani.
The US$5-million first-year program will be managed by Exploration Vice-president Peter Brown, former manager of Goldfields’ Chicanan project in South Africa.
Field programs are already under way in the Tomi, Marwani and Arrendajo concessions, says President Ian Gray. Drilling of the first targets is to begin in late October.
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