The mine is the Jolu, a 400-ton-per-day operation that poured its first gold in November of 1988, ahead of schedule and at a modest capital cost of $18.3 million. Corona Corp. (TSE) has a 30% interest and is operator, with the remainder held by International Mahogany Corp. (TSE).
During the month of March, Jolu turned out 5,775 ounces of gold from 13,454 tons of ore with an average mill feed grade of 0.44 oz gold per ton for the period. Recoveries were over 97% and mill availability roughly the same.
If this rate is maintained, Jolu’s annual production rate could reach close to the 70,000-oz range, which would surpass the projections of the original feasibility study by about 20,000 ounces.
Corona projects, however, that the mine will average 50,000 oz at a direct operating cost of about $185(US) per oz this year. In January, proven and probable reserves at Jolu were reported as 415,600 tons grading 0.40 oz. The deposit is developed by a ramp to 875 ft below surface and is still open at depth.
International Mahogany noted that 8,500 ounces (about 25%) of the 35,000-oz project gold loan was repaid at the end of March.
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