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Wednesday, 22nd October 2008 (976 views)

MDN has revealed that the Tulawaka gold mine in Tanzania produced 53,694 ounces of gold during the third quarter.

It brings the total amount of gold produced at the location since operations began in March 2005 to 625,797 ounces.

The plant at the mine processed 97,774 tonnes of ore over the third quarter of this year, grading an average of 17.8 g/t gold and at a recovery rate of 96.2 per cent.

President and chief executive officer Paul Girard commented: "The production level from the Tulawaka gold mine for the quarter are as planned and the positive cash generated continues to add to MDN's financial strength."

He added that the company's debt-free balance sheet provided it with financial flexibility, an asset in uncertain economic conditions.

Meanwhile, ATW Venture has announced that it is to change its name to ATW Gold in order to better reflect its focus on gold exploration.

 

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