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|Thursday, August 11, 2011|
By Ben Jacklet
With gold prices nearing $1,800 per ounce, a Canadian mining company has commenced drilling on Grassy Mountain, a remote swath of treeless land in Malheur County where mining companies have been trying — and failing — to extract gold for decades.
Vancouver, BC-based Calico Resources has received final approval from the U.S. Bureau of Land Management (BLM) and the Oregon Department of Geology and Mineral Industries (DOGAMI) and is drilling 14 exploratory holes in the area. The company's home page describes Grassy Mountain as its "flagship property" with "significant exploration upside." Past studies have estimated 924,000 ounces of gold in the area, worth about $1.6 billion by today’s prices.
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