Cameco (CCO-T) reports that the Kumtor gold mine in the Tien Shan mountains of eastern Kyrgyzstan has entered into commercial production, with a declared starting date of May 1, 1997.
The company states that mill commissioning is complete and that it has attained its design throughput capacity of 14,500 tonnes per day.
Cumulative 1997 production from Kumtor to the end of April was 78,843 oz.
gold, with May production totalling 55,348 oz. gold.
Production for 1997 is projected to exceed 400,000 oz., a figure expected to rise to 500,000 oz. annually over the life of the project.
Reserves at Kumtor have been pegged at 80.4 million tonnes grading 3.59 grams gold per tonne, with additional resources of 32.4 million tonnes of 3.75 grams gold.
The mine, which is 33.3%-owned by Cameco and 66.6%-owned by the Kyrgyzstani government, is operated by Kumtor Operating Co., a wholly owned subsidiary of Cameco.
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