Rusoro Gold Production Update: Choco 10 Mine
10 Décembre 2007 - 3:15PM
Marketwired
VANCOUVER, BRITISH COLUMBIA -
- Record gold production levels achieved at the recently
acquired Choco 10 mine in Venezuela. 10,157 ounces were produced in
October, 2007 and 7,952 ounces in November, 2007
- The previous water supply, labour, and small miner issues at
Choco 10 are now resolved
- A detailed operational plan to support current sustainable
gold production levels and ultimately increase them, will be
announced in early 2008
Rusoro Mining Ltd. is pleased to provide an operational update
on its newly acquired Choco 10 gold mine, situated in Bolivar
State, Venezuela. The acquisition closed on November 29th 2007 and
it has placed the company solidly as an advanced Junior Gold
Producer.
The combination of Rusoro's projects and the Choco 10 mine gives
the company a strong production base and expanding resources.
The combined NI 43-101 compliant reserve and resources numbers
were detailed previously in the company's news release dated
October 11th, 2007. Choco 10 proven and probable reserves total
15.4 Mt grading 3.4 g/t Au for 1.66 M oz, the combined measured and
indicated resource (including reserves) for all projects is 84.0 Mt
grading 2.5 g/t Au containing 6.63 M oz, and the total inferred
resource is 108.2 Mt grading 1.8 g/t Au containing 6.22 M oz of
gold.
Gold Production
The Choco 10 mine achieved record production in October 2007,
with 10,157 produced for the month. This represents the first time
that the Choco 10 mine has produced in excess of 10,000 oz of gold
in a month since the inception of commercial production in 2005.
Production in November 2007 reached 7,952 oz Au for the month, a
level that is also significantly higher than almost all of the
previous months of production at Choco 10. The Company is very
pleased with these numbers as all gold production from the date of
the original agreement, October 11, 2007, is credited to Rusoro's
account.
Gold production in December is also expected to remain at these
higher levels. Further guidance regarding forecasted revenues and
costs from gold production will be provided in 2008, in Rusoro's
year-end financial statement.
Operational Plan
Rusoro's management is reviewing alternatives designed to
sustain gold production at the 8,000 oz to 10,000 oz per month
range. These studies will review alternatives relating to the
existing haulage fleet at the mine, possible enhancements to the
mill and gold recoveries in addition to other operational
enhancements. The Company will provide guidance on this new
strategy, in early 2008.
Water Issues Resolved
The Company is pleased to announce that previous issues
regarding the supply of water to the mine site, and the lack of
water required to support the milling operation, have been
resolved. Pro-active measures adopted by the mine's previous
owners, Gold Fields Ltd, during the latter half of 2007, have
resulted in a significant improvement to the water supply situation
at the mine. Mine management are confident that ample water
supplies are now available for the mine to sustain mill production
at levels of 7,500 t/d or greater. The current Choco 10 plant
design capacity is 5,800 t/d.
Labour and Small Miner Issues Resolved
The Company is pleased to announce that a collective agreement
has been reached with the Choco 10 mine site labour unions. The new
agreement calls for wage increases, related to inflationary
adjustments, in addition to certain production related incentives.
This issue, previously an impediment to higher gold production
level, has now been removed.
The Company is also pleased to announce that a settlement
agreement has been reached with the Coacia Small Miners collective,
relating to specific areas of Choco 10. This issue, which was also
previously an impediment to higher gold production, has now been
removed.
George Salamis, Rusoro's President, reports: "We are pleased
that a number of these past impediments to production have been
resolved. In addition, we recognize that a number of these
enhancements regarding recent record gold production levels, water
availability and labour related issues, have come as a result of
measures taken by mine management and Gold Fields, during the
latter half of 2007."
Andre Agapov, CEO, adds, "We expect this pro-active spirit of
enhancing the operational performance at Choco 10 will continue
into 2008 and beyond, being driven by our Venezuelan-experienced
management team."
Qualified Person: Mr. Gregory Smith, P.Geo, the Vice-President
Exploration of the Company, is the Qualified Person as defined by
National Instrument 43-101, and is responsible for the accuracy of
this news release.
ON BEHALF OF THE BOARD
Vladimir Agapov, Chairman
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
Contacts: Rusoro Mining Ltd. George Salamis President (604)
632-4044 (604) 632-4045 (FAX) Website: www.rusoro.com
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