AngloGold expands at Cresson

AngloGold (AU-N) and Golden Cycle Gold (GCC-P) have increased reserves and resources to nearly 10 million oz. gold near Colorado Springs, Colo.

Reserves increased by more than 10% to 169 million tons grading 0.029 oz. gold per ton, equivalent to 4.9 million contained ounces. The mine produced 231,000 oz. in 1999, at a cash operating cost of US$167 per oz. Cresson is expected to produce 240,000 oz. in 2000 at US$180 per oz. AngloGold owns a 67% stake in the mine, which is part of the Cripple Creek joint venture. Golden Cycle owns the remainder.