The El Mochito silver-lead-zinc mine in Honduras is back in production after a recent takeover by American Pacific Mining (formerly Westbridge Resources).
American Pacific purchased the mine, along with a port and warehouse in Pueto Cortes, and the San Juancito gold prospect in Honduras from Rosario Resources (an Amax subsidiary) for $12 million and 7,250,000 shares. Payments of $6.5 million have been made and the remaining $5.5 million will be paid over three years.
The mine, which closed down in April, has been maintained on a stand-by basis. Production at a rate of 1,100 tpd started in late October. The company hopes to increase daily throughput to 2,000 tons over the next nine months, as the underground mining rate is increased and ore flow made more efficient.
Its first sale of concentrate is expected in December, when approximately 5,000 tons of zinc concentrate will be shipped from the company’s port facilities at Puerto Cortes.
Average grades of 2,000 tons of zinc concentrate produced Nov 15, are calculated at 53.9% zinc and l.7% lead, containing 6 oz silver per ton. A new circuit will be installed in the coming months to extract copper values from the lead concentrate.
American Pacific plans to begin exploration on the nearby El Manzanal silver prospect and the San Juancito gold prospect. The latter covers some 11,540 acres.
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