Uruguay Minerals posts profits at San Gregorio

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 Uruguay Mineral Exploration (UME-V, UGY-L), which also holds a portfolio of exploration properties in the South American nation.

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.

Print

Be the first to comment on "Uruguay Minerals posts profits at San Gregorio"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close