Vancouver — The San Gregorio mine, Uruguay’s only producing gold mine, churned out 25,323 oz. gold in the fiscal second quarter ended Nov. 30, 2005, at an average cash cost of US$182 per oz.
The open-pit mine is owned and operated by
The London-based company posted net profits of US$1.9 million for the quarter, and net earnings of US$4.18 million for the half-year, based on 50,486 oz. gold.
San Gregorio is projected to produce about 100,000 oz. gold for the full fiscal year at a cash cost of US$197 per oz.
The company has secured full ownership of the Minas de Corrales project, after an outstanding 10% net-profit interest was acquired for US$4.2 million. This project contains the Arenal deposit, discovered by the company near the San Gregorio mine.
Uruguay Minerals also holds base-metal projects prospective for copper, nickel, lead and zinc, along with various diamond prospects in Uruguay.
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