Monarch expands reserves at Camorra mine in Venezuela

Exploration programs in 1996 enabled Monarch Resources (MRE-T) to boost reserves at its Venezuelan gold mine known as La Camorra.

At the same time, the company achieved record gold production of 56,549 oz.

— a 15.8% increase over the 48,850 oz. produced in 1995. The increase is attributed to a higher average grade and to improved recoveries and operating efficiencies.

Allowing for reserves mined in 1996, La Camorra’s measured and indicated reserves currently amount to 788,000 tonnes averaging 15.4 grams gold per tonne, or 390,000 contained ounces. The project also hosts an inferred resource of 101,000 oz.

Included in this estimate are 93,000 contained ounces, outlined during last year’s underground program, which represent more than 1.5 years of production at the current annual rate.

Most of the new reserves were discovered in the upper levels of the mine. In 1998, the company plans to install a shaft to provide access to the deeper levels.