The geology of northern Haiti is prospective for epithermal and porphyry type mineral deposits, and consists of the preserved remnants of a Cretaceous island arc assemblage situated along the northern margin of the Caribbean Plate. This geologic environment hosts numerous gold, copper, copper-gold and copper-gold-silver occurrences and prospects in Haiti, as well as the Barrick-Goldcorp Pueblo Viejo gold mine in the adjacent Dominican Republic. Even though Haiti's geology and mineral potential is similar to that found in the Dominican Republic, it has remained relatively under-explored.
Eurasian and Joint Venture partner Newmont Ventures Limited ("Newmont"), a wholly owned subsidiary of Newmont Mining Corporation (collectively, the "JV"), have a land position along a 130 kilometer trend of northern Haiti's Massif du Nord mineral belt. Newmont is funding and managing six joint venture Designated Projects across northern Haiti that include La Miel, La Mine, Grand Bois "Surrounding Properties", Northwest Haiti, Northeast Haiti and North Central Haiti. These Designated Projects contain multiple gold, copper, copper-gold and copper-gold-silver occurrences and prospects. The JV's efforts have developed several exploration targets that are ready for drill testing pending approval of the Research Permits by the Government of Haiti. EMX's work on the 100% controlled Grand Bois gold-copper project is outside of the JV with Newmont.
In 2013, the World Bank agreed to assist the Government of Haiti in its efforts to reform the country's mining law to be more consistent with current international standards. Meanwhile, the Government has deferred further consideration of the Joint Venture's request for the Research Permits that would cover the six Designated Projects, and EMX's request for an extension of the Grand Bois Research Permit, while revisions to the mining law are pending. As a result, Newmont has placed the Joint Venture's Designated Projects on care and maintenance status, but continues with its community relations programs. EMX considered the deferral of its request for an extension of the Grand Bois Research Permit to be a force majeure event and has also placed its Grand Bois project on care and maintenance status.
EMX remains committed to advancing the mining industry's contribution to Haiti's economic development, and looks forward to working with the Government of Haiti in its effort to bring the mining law to current international standards.