Toronto-based Cliff Resources says it is progressing toward production at its Green Hill gold mine at the Olinghouse district, northwest of Reno, Nev.
Financed with a project loan bridged to a gold loan, the mine is in a 4-week start-up phase. The bridge loan will be retired over a 15-month period from a portion of mine production.
“Having recently processed the first ore, expects to achieve its full- scale capacity of 20,000 oz gold per year early this month,” President James Bates told The Northern Miner.
According to Bates, the Green Hill gravity recovery plant will operate at a rate of 400 tons per hour and 24 hours daily.
With exploration sampling already under way at its 8,000-acre Laguna gold property in Mexico, Cliff reported a first quarter working capital position of $438,838.
That compares to a capital deficency of $318,324 for the year ended Sept 30. First quarter cash equivalents were $1,893,165, the company says.
The Cliff Resources issue was trading recently on the Toronto Stock Exchange at $1.00 in a 52- week range of $1.40 and 70 cents .
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