The northern Uruguay Department of Rivera attracted British miners a full century ago and Spanish mineros 250 years ago. Now a South American producer and explorer is writing the next chapter in Uruguay mining history, and the outlook is brillante based on revised resource estimates.

This month Orosur Mining (OMI.TO) announced an upward revision for the San Gregorio deposit thanks to exploration activities under and adjacent to the historic main pit which Orosur refers to as the San Gregorio Deeps or “SG Deeps” project.

The company recently undertook approximately 3,000 meters of drilling to better evaluate the extensions west and east of the main pit. The data was analyzed by Mine Development Associates of Nevada, and the results formed the basis for this month’s resource estimate revision.

“Almost 5 Million Tons of Gold for San Gregorio in Rivera” is the headline of InfoNegocio’s analysis which says “for an open pit scenario utilizing a cut-off grade of 0.5 grams per ton, there is an estimated 4,763,000 tons of gold which could contain 170,000 ounces of gold. In other words, 3,831,000 tons more than the previous estimate in 2011.”

Orosur currently controls over 1.4 million acres in Uruguay including 160,000 acres of mining and exploration tenements in the San Gregorio vicinity. Last week the company received a “Buy” rating from Cantor Fitzgerald Europe. (Full Story in Spanish)

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