Compania Minera Metalurgica | COMMSA
Star Alliance International Corp. has acquired a 51% stake in Compania Minera Metalurgica Centro Americana, SA, (“Commsa”), a gold mining project (Rio Jalan Project) in Olancho state in the highlands of Central Honduras. This transaction will become effective on January 1, 2022.
Environmental licenses have been obtained and exploration is ongoing. The mines will be producing gold early in 2022 and will be expanded early next year. Local small mining operations are producing a minimum of 250 to 300 oz of gold per site per month while losing approximately 50% of the recoverable gold particles. Our expanded operations, using modern equipment and our new Genesis program, should result in up to a 98% rate of recoverable gold, leading to significantly higher quantities of gold per site.
STAR will, once mining operations begin, start to generate significant revenues and of utmost importance the mine will be able to gain all the benefits of our Green, Environmentally Safe Genesis ore extraction process. As an important part of this transaction, STAR has agreed to continue the distribution of aid to the five local villages with 2% of mining profits per village to be used for expanded school facilities, a medical center, college scholarships and a community center to be used by adults and kids alike. Additional projects, beneficial to the community, may be considered in the future.
Gold reserves are in excess of 1 million oz. This estimate came from a limited appraisal of the area in which the mines are located.