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1Qtr2011
Bolivia Explorations and Mining
2Qtr2010
Signing of Strategic Framework Alliance
31May
Gemco executives and technical staff arrive in Lima to begin two weeks of site visits and coordination meetings with operational executives in Peru.
13May
Company places orders for new compressors specifically designed to operate at the altitudes at which we mine. In addition to the usual turbo, we are installing a bank of three motors for redundancy and reliability.
7May
GEMCO is currently preparing a private placement memorandum to raise up to $15,000,000 by offering to sell a maximum of 300 Class B Units at an offering price of $50,000 per unit.
4May
GEMCO is completing an offering to finance operations to mine and sell silver bearing lead ore from our concession at Qeubra Honda, Peru.
1May
Gemco to open operations office in Lima Peru. New York and Lima executives to conference with government and Federation officials during the month.
27Apr
FENAMARPE – Federation of Small MinersDavid Yacoob and staff met with Sr. Medina, president of FENAMARPE. GEMCO to present to members of the association and other smaller divisions that belong to it. Our projects are seen as a vital "arm" of importance for FENAMARPE as the Federation is a source of income as well as a business model of cooperation between mining companies, small miners, and surrounding agricultural activities.
22Apr
Gemco’s new interactive website up and running.
2Apr
Company appoints Ernst and Young as Auditors of Peruvian operations.
30Mar
Beginning a new project where we'll be constructing a road joining two communities along with repairing and maintaining another road. The nature of our mining activity is non-intrusive, with minimum carbon foot prints, utilizing local labor and their livestock . Community becomes a direct "partner" of ours . Cash injection into the communities which are realized from profits obtained by us, enhancing the traditional economic activities such as agriculture and farming. |
On June 8th, operational and executive officers of General Mining Concessions, LLC (Gemco) based in New York and Lima met with the Officers and board members of Fenamarpe, the Federation of Small Miners to sign a strategic framework alliance that will be the start of important cooperation between the federation and Gemco. The meeting took place in Fenamarpe’s regional offices in Nazca, Peru.
The alliance anticipates a joint venture in which Gemco will build, operate and own a number of regional refineries around Peru for the benefit of Fenamarpe’s 350,000 members who will benefit through higher yields and transparency that has been lacking in other facilities. Gemco will also agree to stake claims in joint ownership with members of the federation for mineral and mining rights on sites that prove to present strong economic potential. This will provide Gemco with the opportunity for immediate and majority participation in high grade, high yield mining sites or concessions currently owned by the small miners who’s concessions are being minimally worked for lack of capital and technology.
This important relationship will provide serious improvement in the living and economic standards of the members of the federation. Gemco will provide modern technology and open market opportunities to members who will benefit through higher production volume and better pricing for their ores due to transactional transparency. The company has been in negotiations with Fenamarpe for a number of months and this accord represents a major step forward in our relationship with this important organization. Gemco has estimated that the full potential value of this opportunity is estimated to run into hundreds of millions of dollars.
