Despite a decrease in production and an increase in cash costs over the past year, Golden Shamrock Mine (TSE) is looking to turn its operations around in 1996.
Production at the Iduapriem gold mine in Ghana fell to 26,812 oz. in the fourth quarter of 1995, from 32,848 oz. in the same period in 1994. Operating costs rose to US$312 from US$244 per oz.
Nevertheless, modifications to the mine and mill are expected to increase annual production to 150,000 oz.
Also, the company will expand heap-leaching capacity to 2.4 million tonnes per year. Production in the first year is expected to top 40,000 oz. at a cost of US$150 per oz.
The feasibility study on the Siguiri 1 project in Guinea, West Africa, should be completed by the end of the second quarter, and results from infill drilling have confirmed the continuity and grade of the ore. A gold recovery rate of 92.5% is expected.
The company spent US$1.1 million exploring near Siguiri 1 during the first quarter. Laterite-hosted mineralization was found 5 km from the proposed Siguiri 1 mill site, and reverse-circulation drilling will test grade and tonnage.
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