Sino-Sud Resources gains authorization to further expand their exploration and development of the Napo Basin Mining Concession in Ecuador.
Online PR News – 15-June-2012 – Guangzhou, China – After long term negotiations, Sino-Sud Resources announced that it has reached agreements with local, civil and national authorities to expand the Napo Basin Mining Concession to continue with both exploratory drilling and development of the concession in general. The company confirmed that “This signifies the initial phase in accelerating proposed production stages at Napo to procure the benefits of the considerable reserves of the property”.
In addition to the approval for Sino-Sud Resources’s extension of the Napo Basin Concession, the company will also gain from tax incentives that have been accorded them for preproduction construction and further infrastructure development. Some of the incentives that might apply are capital expenditure relief, generous allowances on plant, machinery and commercial vehicles as well as for prospecting and mining expenses under special circumstances.
With demand for gold continuing at an ever increasing rate, there is continued need to further exploration and development. Industry insiders say that there is just not sufficient supply to meet demand. Earlier this year it was announced that amid continually strong prospecting results and financial forecasting, Sino-Sud Resources plans an Initial Public Share Offering (IPO) in the fourth quarter of 2012.
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