The mine entered production at the rate of 700 tonnes per day in July 2003.
Orvana sold 7,867 oz. gold produced in the last three months of 2003, and posted net income of $43,762 on revenue of $3.1 million.
In the previous quarter, which ended Sept. 30, Orvana sold 7,924 oz. gold but incurred a loss of $59,583 on revenue of $2.9 million.
Orvana President Jaime Urjel says the company is fine-tuning the operation. As a result of mill improvements, production climbed in January to 3,524 oz. Head grades averaged 5.89 grams in January, up from an average of 5.67 grams in the last three months of 2003. Mill recoveries rose to 90.4% from 81.3% during the same period. Additional ore facies in the lower mineralized zone have been opened, and the ramp has been advanced 119 metres.
The company is confident access to additional stopes will lead to improved head grades over the next few months.
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