By year-end, some two months ahead of schedule, Bolivar Goldfields (BVG-T) expects to have completed fine-tuning of the mill and achieved full production at its newly commissioned Tomi gold mine in Venezuela’s El Callao district.
The Toronto-based company has produced about 6,100 oz. gold to date from the mine, which recently completed its second successful month of operation. Some 2,000 oz. of this total have already been shipped to Canada for refining.
Bolivar financed the Tomi project with a US$20-million loan obtained earlier this summer from Barclays Bank and Standard Bank London. The funds were used to buy the existing Revemin processing plant, situated 16 km from the Tomi deposits, and to refurbish, upgrade and expand the facility.
Work on site is continuing to increase production to a target rate of 1,400 tonnes per day by year-end. A crusher has been added and new mining equipment is being put into operation. The mine is now on track to produce 85,000 oz. gold in its first year of operation, which ends June 1999.
Meanwhile, Bolivar Goldfields continues to explore ground near the mine site in order to expand the life of the Tomi operation.
At last report, the Tomi project hosted minable reserves of 2.7 million tonnes grading 3.68 grams gold per tonne.
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