Vancouver — Exmin Resources (EXM-V, EXMFF-O) has officially entered the producer’s league following the first gold pour from its 30%-owned Moris mine in western Chihuahua state, Mexico.
An 18.43-kg dor “baby bar,” composed of roughly half gold and half silver, was poured in early October, marking full commercial production at the joint venture with Peruvian-based Hochschild Mining (hchdf-o, hoc-l). Hochschild holds a 70% interest in the mine and acts as operator.
Exmin sees cash flow from the mine funding its ongoing exploration in northern Mexico.
Moris is a 2,700-tonne-per-day heap-leach operation projected to produce about 25,000 oz. gold and 60,000 oz. silver in 2008.
The mine was previously operated by Manhattan Minerals, now Mediterranean Resources (MNR-V, MNRUF-O), in the late 1990s until production was suspended due to severe drought conditions and a weak gold price. The company reported historical measured and indicated resources of about 4 million tonnes grading 1.6 grams gold and 5.8 grams silver per tonne at Moris. It sold the project in 2001.
Gold and silver mineralization in the project area is hosted in low-sulphidation epithermal vein systems associated with regional-scale structural zones.
Based on its 77.6 million shares outstanding, Exmin posts a $29-million market capitalization and recently traded at 37 in a 52-week trading range of 28.5-88.
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