The San Luis gold mine operated by Battle Mountain Gold (TSE) is expected to become the largest producing gold mine in Colorado next year once it reaches its targeted annual production rate of 60,000 ounces. Battle Mountain began mining and milling operations at the San Luis gold property in early January. Cash production costs are estimated at US$206 per oz. gold produced.
Earth Sciences (NASDAQ) will receive a 3.5% gross royalty interest from the mine which at current gold prices is estimated by the company to amount to US$800,000 annually, or US$8 million over the 10-year mine life.
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