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Wednesday, 21st February 2007 (3695 views)

Canadian gold mining company Glencairn has announced plans to expand its gold production at a site in Nicaragua.

The Libertad project in the country is to be expanded by converting a heap-leach mine into conventional gold mining production – a move which is estimated to take around two years.

Mining operations at the plant will therefore be suspended during this period as of the end of March this year.

Peter Tagliamonte, the company's president and CEO, explained that the projected conversion scheme will "secure a long-term future for Libertad", in the expectation that the site can become a "significant producer" for the firm.

He added: "It is a positive sign to see that an international company is showing such confidence in the country of Nicaragua and its new government."

Mr Tagliamonte explained that the new government is "very interested" in promoting new investments which create good employment opportunities for Nicaraguans and "strengthen the country's development".

Once the operations are suspended at the end of March, the company estimates the total gold production from its Libertad, Limon and Bellavista mines this year will range from 90,000 to 105,000 ounces.

 

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