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Tuesday, 28th October 2008 (1069 views)

Minera IRL has reported that gold production at its Corihuarmi Gold Mine in Peru soared over the third quarter of the year to 80 per cent over budget.

The firm announced that gold production at the Corihuarmi Gold Mine rose to 18,298 ounces, exceeding production for the second quarter to June 2008 by more than 2,000 ounces at a cash cost of $139/ounce (£89/ounce).

Minera IRL executive chairman Courtney Chamberlain has stated that the company has set a gold production target of approximately 50,000 ounces for the 2008 calendar year.

Cash costs for the Corihuarmi Gold Mine are 50 per cent below budget at $139/ounce and average head grades were 54 per cent higher than anticipated in a feasibility study.

The mining company has increased its cash reserves to $11.3 million and has started exploration drilling activities at the Ollachea Project in southern Peru.

Minera IRL is the holding company of precious metals mining and exploration companies focused on the Andean Cordillera of South America and operates the Corihuarmi Gold Mine in Peru, with a portfolio of projects in various stages of advancement.

 

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