Colombia possesses an exceptional geologic terrain for gold exploration, and a high endowment of gold both historically and now in modern times. In recent years Colombia has produced a high discovery rate of plus-million ounce gold discoveries by a relatively small amount of active companies.
In the 19th century, Colombia was the world's largest gold producer. Currently Peru, Colombia's neighbor to the south, produces about 210 tons of gold per year from the metal rich Andean Cordillera. Three mineral belts of the Andean Cordillera extend through Colombia. The country's favorable geology creates an environment similar to that of Peru, allowing for the potential for numerous world-class gold discoveries.
Modern exploration in Colombia has until relatively recently been inhibited by political instability and security risks related to armed conflict between the Colombian army, right wing paramilitaries and left wing guerrillas, as well as violence associated with drug cartels. Combined, these factors created an unstable environment that made gold exploration difficult and investment questionable. However, all of this changed beginning in 2002 under the presidency of Alvaro Uribe and continues today under the current regime led by President Juan Manuel Santos. Colombia is now "open for business" with a thriving resource sector that includes production in coal, petroleum and nickel mining. Mining law reform is underway and in 2015 Red Eagle Mining was granted a mining permit for its San Ramon underground gold mine. In addition, in late 2015 AngloGold Ashanti and B2 Mining received encouragement regarding permitting their Gramalote open pit deposit. Several other companies are awaiting permits for world-class gold deposits.
Why Colombia for Miranda Gold?
Miranda's technical strength is in generating prospects and acquiring properties that have the potential for the discovery of world-class gold deposits. While there was a "gold rush" to Colombia by junior resource companies beginning in 2005 the current market conditions have reduced the number of companies active in Colombia to a mere dozen or so. Miranda is one of, if not the most aggressive and active "prospect generator" working in Colombia today. Recognizing that with limited funds we need to focus our exploration work even more we have closed our Nevada office, laid off our Nevada staff and sold where possible our Nevada projects. We are now focused on being the leading junior explorer in Colombia
. We have an office in Medellin Colombia that is staffed by Colombian geologists and we are seeking properties that have the potential to host multi-million ounce gold deposits. From 2013 to 2016, we worked with Agnico Eagle under a strategic alliance whereby Miranda was acting as Agnico Eagle's "boots on the ground". We have other major mining companies interested in reviewing and evaluating the properties we generate. While we do not know when the market will change we do know that Colombia is both one of the most mineral endowed countries in the world and also one of the last frontier countries in terms of being underexplored. All of this combines to make Colombia a perfect place for Miranda to execute its exploration efforts.