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Known previously as Gold Hawk Resources Inc., the corporation name was changed to Oracle Mining Corp. in August 2011. Gold Hawk Resources operated under different management, with the bulk of the management changes taking place in 2011. The Oracle Ridge Copper Mine project was acquired in September 2010.
Prior to the Oracle Ridge Copper Mine acquisition, the corporation's 100% owned subsidiary operated the gold-silver-lead-zinc Coricancha Mine and 600-tonnes-per-day processing facility in central Peru. The corporation acquired the property in 2006 and undertook rehabilitation prior to returning the mine to commercial production in October 2007. The mine and processing facility were in operation from the from June 2007 to May 2008, when ground displacement caused by a third-party irrigation system was detected by the corporation and prompted management to suspend activity until the site was stabilized. Following the corporation's quick mitigation efforts and the suspension of irrigation, the ground displacement ceased in July 2008.
Following a review of the loan repayment schedule and long-term capital expenditure plan for the Coricancha Mine re-start, management determined that cash flow to the corporation would not be generated for at least three years. Gold Hawk sold the operation in November 2009 (85%) and July 2010 (15% residual interest) to Nyrstar Holdings CV ("Nyrstar"; NYSE Euronext Brussels: NYR) for a combined cash consideration of US$19.4 million.
Known previously as
Gold Hawk Resources Inc.,
the company's name was
changed to Oracle Mining Corp.
in August 2011.
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