The continued successful performance of the Aurora Partnership mine enabled operator and 50% owner Minerex Resources (TSE) to boost net earnings to $959,000 for the three months ended March 31, from $79,000 in the comparable 1991 period.
Gold production from the Nevada open pit mine rose to 11,735 oz. at an average cash production cost of US$226 per oz. during this period, from 6,620 oz. at US$300 per oz. a year earlier.
Minerex attributed the increased gold production mainly to completion of a milling transaction with Consolidated Nevada Goldfields.
At the end of 1991, the mine had preliminary reserves outside the current economic pit of 1.7 million tons averaging 0.11 oz. gold per ton. This includes a higher grade core of 168,000 tons at 0.32 oz. gold. Minerex is reviewing options for mining material beyond its present pit, and also plans an 11,000-ft. exploration program this year to continue exploration on the eastern extension of the Humboldt vein and to test the potential of the Humboldt vein at depth.
At the same time, the company intends to continue efforts to acquire advanced or operational heap leach gold projects in the production range of 20,000-50,000 oz. per year.
The remaining interest in the Aurora Partnership mine is held by Electra North West Resources (VSE).
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