Musto work progressing at Bajo de la Alumbrera

Development of the Bajo de la Alumbrera copper-gold deposit in northwestern Argentina continues to proceed on schedule. The project is a 50-50 joint venture between International Musto Explorations (TSE) and Australian mining giant MIM Holdings.

Last fall, an 8,000-metre diamond drill program evaluated a high-grade copper-gold zone in the southwestern corner of the deposit and tested for extensions at depth below 400 metres. Results are still pending. Proven and probable reserves currently exceed 563 million tonnes grading 0.52% copper and 0.66 grams gold per tonne. (The previous estimate was 414 million tonnes.)

Studies are under way to increase daily throughput from the previously planned level of 60,000 tonnes. Any increase in throughput would result in lower operating costs.

In other news, Musto shares were split last month on the basis of one old share for two new shares. The company now has 32 million shares issued and outstanding.