Production at the Central American gold mines of Greenstone Resources (GRE-T) is on track to reach 233,000 oz. gold in 1998, a substantial increase from the 63,563 oz. produced in 1997.
For the first quarter of the year, combined production from the Santa Rosa mine in Panama and the Cerro Mojon and Bonanza mines in Nicaragua was 31,153 oz., up from 31,000 oz. in the corresponding period of 1997. Cash costs for 1998 are expected to average US$197 per oz. gold.
Output will be increased throughout the year, with the addition of another leach pad at the Cerro Mojon open-pit, heap-leach operation and increased production at the underground Bonanza mine, which is not yet operating at full capacity. Further production will be added from the San Andres mine in Honduras when that operation enters production in the third quarter of 1998.
At last report, minable reserves in the Water Tank Hill deposit at San Andres stood at 13 million tonnes grading 1.59 grams gold per tonne.
Greenstone’s total gold production is expected to increase to 50,000 oz. in the second quarter, 58,000 oz. in the third and 94,000 oz. in the fourth.
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