Partners Eurus Resource (VSE) and Crystallex International (VSE) have installed a ball mill that is expected to triple the capacity of the 100-tonne-per-day mill on the Albino gold concession in Venezuela’s Kilometre 88 district.
This, together with an upgraded recovery system, will go a long way to ensuring that the companies meet their target of producing 20,000 oz. per year.
Engineers are studying the possibility of building a new mill on-site at an estimated cost of US$1.7 million. The mill would be constructed on a turnkey basis and be capable of processing an estimated 400 tonnes per day of alluvial material. Eurus will provide the funds.
Crystallex will act as operator of the existing mill and, if built, the new mill. Eurus will fund exploration after vein rights are granted. In the interim, exploration will continue on surficial materials which are believed sufficient for at least two years of production from the planned 400-tonne-per-day mill. If all goes as planned, start-up could take place early in 1994.
Eurus would receive 80% of proceeds from the mills until costs associated with their design and construction are recouped. Net proceeds would then be distributed on a sliding scale until both partners share equally in the proceeds.
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