Vueltas del Rio pours first gold

Denver — Geomaque Explorations (GEO-T) has poured its first gold bar at the Vueltas del Rio mine in Honduras. Since mining began in December 2000, the company found fewer tonnes at higher grades in the first four benches of the open pit, representing 39% more gold than anticipated.

“Mining is exceeding our expectations, and the grade coming off the (heap-leach) pad confirms the rapid gold recovery projected in the feasibility study,” says Geomaque President John Paterson.

The mine is expected to produce 56,000 oz. gold in 2001 at a cash cost of US$200 per oz. Proven and probable reserves at the end of 2000 stood at 5.1 million tonnes averaging 2.5 grams gold per tonne, or 410,000 oz.