Picchu Rio Gold Mining Co. SAC announces initiation of river mining of their billions of dollars of Gold, Precious Metals and Rare Earths river deposits.

• Picchu Rio Gold Mining Corporation S.A.C. ( “Picchu Rio Gold ” ) is nearing completion of Phase IV production studies on their number 2 concession, leading to the implementation of low to medium- volume river dredging operations in the Cusco District of Echarate, Peru, South America.
• “ Picchu Rio Gold ” has acquired four (4) of the twelve (12) concessions previously owned by Vista
  Continental Corporation. Mining prospects for these concessions were initially validated by the March 2002
  report on placer deposits by Mr. A. David V. Heyl. “The closest geologic comparisons” to the claims containing rare earths, zircon and strategic metals are “the veins and placer deposits of the Mother Lode belts of the California and Eastern Australia gold belts”.
• Rare Earth Elements ( “REEs” ) Rare Earth Oxides, Zirconium and Zirconium oxides are considered
  essential elements in advanced technology – such as superconductive magnets for high-speed trains,
  genome research, advanced optics and fuel cell research – and project a value much greater than the
  strategic metals alone.
  

Beijing is drawing up plans to prohibit or restrict exports of rare earth metals that are produced only in China and play a vital role in cutting edge technology, from hybrid cars and catalytic converters, to superconductors, and precision-guided weapons.

A draft report by China’s Ministry of Industry and Information Technology has called for a total ban on foreign shipments of terbium, dysprosium, yttrium, thulium, and lutetium. Other metals such as neodymium, europium, cerium, and lanthanum will be restricted to a combined export quota of 35,000 tonnes a year, far below global needs.

Posted  by Ambrose Evans-Pritchard onAug. 24th 2009 at Telgraph.co.uk