Cambridge kicks off gold production at Quintana mine in Colombia
Thursday, November 20, 2008
Cambridge Mineral Resources has started production at its Quintana gold mine in Colombia and is now hoping the mine will progress towards producing around 15,200 ozs of gold and 6,000 ozs of silver every year for the next five years.
The plant has commenced commercial production at a nominal 75 tonnes per day, processing daily mine production and stockpiled ore.
CMR has a sales contract in place with CIIGSA, a long-established Colombian gold refiner, with sales prices based on the London p.m. gold price fix on the day of delivery to the refinery. Gold dore sales will commence shortly.
Managing director Colin Andrew described the new production operation as a “transformational step” for CMR as it moves from being an exploration company into a mining production company.
He added: “With cash operating costs estimated to be approximately US$131 per oz gold over the life of mine, we expect Quintana to be a low-cost producer demonstrating good profit margins.”
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