ONTARIO - Toronto-based St Andrew Goldfields (SAS) has declared commercial production at its Holt gold mine near Timmins. The property has been in operation for 90 days and the mill is achieving a throughput of 450 to 500 t/d.
The company is currently mining the C-130 zone and completing development of Zone 4 for ore production in the second half of 2011. Mill throughput is expected to reach 1,000 t/d at the end of the year.
"Commencing production at Holt was one of several major milestones in the rebuilding of SAS," said Jacques Perron, president & CEO. "This year remains a transitional year for the company as we continue to ramp up the throughput at Holt to 1,000 t/d and shift the mining areas at Holloway from the Blacktop zone to the Smoke Deep zone. We believe our first few quarters will be impacted by these changes; however, we are still on track to achieve our objectives.
"Now that we have completed our initial operational goals and commenced our targeted exploration programs," he continued, "we can start to assess other opportunities in the region in order to add to the continued growth and success of SAS."
St Andrew has targeted production of between 85,000 and 95,000 oz of gold for 2011 from the Holt, Holloway and Hislop mines. Complete information and photos of the three mines are posted at www.SASGoldMines.com.
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