Monday, 23rd October 2006 (2367 views)

Commercial production has been achieved at gold mining and exploration company Serabi Mining's Palito gold mine in northern Brazil, the company has announced.

This occurred during the third quarter, with the company expecting improvements in output during the fourth quarter as additional milling capacity is utilised.

According to Serabi Mining, approximately 45,000 ounces of gold is expected to be produced in 2006 and this is due to increase to 50,000 next year at an operating cash cost of between $200 to $225 per ounce.

The strike length at the Palito gold mine has increased from 900 metres to 1,050 metres, while an increase in the maximum depth of 100 metres to the 0mRL has occurred.

A quarterly production equivalent of 9,768 ounces of gold was reported by the company alongside an operating cash cost of $300 per ounce of gold.

The Palito gold mine in the Tapajos region of northern Brazil is Serabi Mining's primary mining operation and the company states that its intention is to develop more gold mines in this area.

 

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