Joly’s output exceeds early expectations

Operating results from the Jolu gold mine during November have exceeded original expectations.

Operated by Corona Corp. (TSE), the mine north of La Ronge, Sask., produced 5,266 oz of gold from ore grading 0.46 oz gold per ton. This exceeds the original estimate of 2,000 oz gold for the period.

Mill recoveries for the month averaged 97%.

The mine poured its first gold in November. It is expected to produce 50,000 oz annually from a 400-ton-per-day mining and milling operation.

International Mahogany Corp. (VSE) holds a 70% interest in the mine whereas Corona has 30%.

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