Partners brighten Glimmer mine

Partners Exall Resources (EXL-T) and Glimmer Resources (GME-V) are continuing development efforts at their producing Glimmer gold mine near Matheson, Ont.

This year’s programs will include 35,000 metres of drilling, the installation of permanent electrical facilities, and metallurgical tests aimed at improving gold recovery.

Holes will be drilled both from surface and underground in an effort to expand current reserves of 1.3 million tonnes grading 10.3 grams per tonne. (Resources stand at 613,000 tonnes grading 8.5 grams gold.)

The programs follow a successful first year of commercial operation: output in 1998 topped 64,319 oz., while cash costs averaged US$238.87 per oz. Consequently, the mine’s working capital climbed to $300,000 from a deficiency of $2.9 million at the end of 1997.

About 308,734 tonnes grading 6.68 grams gold were custom-milled at the nearby Stock plant owned by St Andrew Goldfields,/C> (SAS-T). That company has a 3-year contract to treat any ore mined at Glimmer. Exall operates and holds a majority interest in the Glimmer mine.