IKN

Thy sin’s not accidental

Gold Hawk Resources (CGK.v): There’s light at the end of the tunnel (literally)

So here’s the chart for Gold Hawk Resources (CGK.v) in 2009 to date…

…..and if you were smart or brave enough to get some CGK.v at between 1c and 2c in January (or even at 3c just five weeks ago) the 5.5c to 6c prices being printed these last few days have made for a very nice percentage gain. But what’s news at CGK.v and its Coricancha mine?

Well, news is that the government of Peru has finally got its pulgarcito pulled out from its colita and has made progress on the relief tunnel need to be dug into the Tamboraque hill in order to relieve the water damage threat to the now infamous tailings pond. And the good news is that there are even pictures to show the progress. Click this link and you’ll see a very nicely put together montage of the work in progress which has made its way 36m into the hillside. The total length needed to be tunneled is 180m and the work is now on schedule to be finished in 3q09 (probably October). But don’t take it from me; click the link and see for yourself (once you get there, you need to click the first page again to set the montage rolling).

All in all I’m happy to see things moving at CGK.v and the share price crawl back to something that begins to resemble decency. As for the Peruvian Gov’t, once again it has proved that its bureaucracy is a disaster (recall it took a full year to get started on the essential work), but once the ball is rolling the country knows how to do the mining thing.

Related Posts on Gold Hawk here

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