Vatukoula Gold Mines enjoys production boost after cash injection
24 November 2009
Vatukoula Gold Mines, the AIM quoted Fijian gold mining producer, has managed to boost production from its flagship mine after funding a programme of underground development and spending cash on underground mining equipment and improving its power generating facility.
Of particular note and as a result of the planned capital expenditure, for the period October 12, 2009 to November 23, 2009, the Vatukoula Gold Mine has mined 24,926 tons of underground sulphide ore with a delivered grade to the mill of 11.22 grams per ton of gold – or 8,994 ounces.
During this same period, the oxide circuit of the mill has mined 21,583 tons of open pit oxide ore with a delivered grade to the mill of 1.98 grams per ton of gold – or 1,376 ounces.
The results, particular the grade being delivered to the mill, have exceeded management expectations for the period and as a result the company's first quarter results are expected to show an improvement in both production and cash costs per ounce over the previous quarter.
Colin Orr Ewing, Vatukoula’s chairman, said: “These positive results are due to the company pursuing its stated strategy of capital investment to bring this historic gold mine back up to full production capacity and as a result we should see a commensurate reduction in operating cash cost per ounce in the next quarterly update.”
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