Eden Roc expects production from Ivory Coast before ’92

Eden Roc Minerals (ASE), the 67% owned subsidiary of Marshall Minerals (TSE), is preparing to bring its Ivory Coast, West Africa, gold project into production after securing $5.3 million in loans and private placement financing.

Equipment needed to complete construction of a 1,000-tonne-per-day heap leach operation is now en route from Houston, Tex., and should reach the African port of Abidjan on Oct 8.

Consulting geologist Joe Hinzer says it will take about a week to transport the equipment by road to a 252-sq.-km concession held by Somiaf, which in turn is owned 90% by Eden Roc and 10% by the Ivorian government. “The plans call for startup in the first week of November and we hope to be pouring gold before Christmas,” Hinzer told The Northern Miner. Proven and probable reserves in eight zones stand at 1.1 million tonnes grading 3.3 grams (0.094 oz. gold per ton), including 550,000 tonnes of 4.2 grams (0.123 oz.) in the Anurri deposit.

While the original feasibility study envisaged a mining rate of 500 tonnes per day, Eden Roc has been able to expand the scope of the operation because the depressed market has enabled it to purchase equipment at bargain prices. Somiaf recently received a US$2-million secured loan from Overseas Private Investment, a U.S. government agency based in Washington D.C. That together with a US$2.5-million private placement and a US$800,000 loan arranged with the Africa Growth Fund has enabled Eden Roc to proceed with mine development.