Proven and probable reserves at La Libertad stand at 14.1 million tonnes grading 2.22 grams gold per tonne, whereas possible reserves total 1.32 million tonnes grading 1.52 grams.
San Andres contains 20.5 million tonnes grading 1.1 grams in the proven and probable category, with 775,000 tonnes grading 0.8 gram deemed as possible.
Although the results are higher than those reported for each mine at the end of 1997, they are lower than the results reported earlier this year. The revisions are based on a gold price of US$300 per oz., net of byproduct silver credits, smelting, refining, transportation and royalties. They conform to the system devised by the Canadian Institute of Mining, Metallurgy and Petroleum, and were reviewed by Mine Development Associates.
To reflect current gold prices, Greenstone also has reclassified reserves for its Santa Rosa and Hemco projects in Panama and Nicaragua, respectively. As a result, the company’s total resources at all operations, including reserves, now stand at 152.4 million tonnes grading 1.22 grams gold, or 5.98 million contained ounces. Increases are expected, as indicated by exploration results from last year.
Combined, La Libertad and San Andres are expected to crank out 219,000 oz. gold in 1999. Ongoing leaching at the now-suspended Santa Rosa mine will add another 13,500 oz. to that figure, whereas continued nominal operations at Hemco will contribute 24,000 oz.
Greenstone is currently reviewing operations at Hemco, principally the operating Bonanza mine, with an eye toward increasing cash flow.
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