Mining began late last year at a rate of 1,000 tons per day at the Shasta gold-silver property, owned by International Shasta Resources (VSE), in British Columbia’s Toodogone area.
A reserve of 115,000 tons with a reported combined gold-silver grade of 0.3 oz. per ton gold equivalent is being mined by open pit methods and trucked five miles to the Baker mill, owned by Sable Resources (VSE). Sable is milling the material for cost plus $20 per ton.
The mill processed an average of 153 tons per day during October and November at an average cost of $50 per ton. Milling is scheduled to continue through the winter using a 35,000-ton stockpile built up in anticipation of the winter shutdown of mining operations last November.
Homestake Mining (NYSE) holds an option to earn a 73% interest in the property which is in the Toodogone area of central British Columbia. To hold the property, Homestake must spend $1.5 million this year. International Shasta President Melvyn Rahal expects Homestake to announce its intentions by March.
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