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Known previously as Gold Hawk Resources Inc. (“Gold Hawk”), the corporate name was changed to Oracle Mining Corp. in August 2011. Gold Hawk operated under different management, with the bulk of the management changes taking place in 2011. The Oracle Ridge Copper Project was acquired in September 2010.

 

Prior to the Oracle Ridge Copper Project 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 that 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 Gold Hawk and prompted management to suspend activity until the site was stabilized. Following the 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 Gold Hawk 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.