NEWFOUNDLAND - The Pine Cove gold mine near Baie Verte has received its mill licence, making it officially in production. ANACONDA MINING of Toronto is the operator and earning a 60% interest from NEW ISLAND RESOURCES of St. John's, Nfld. The production milestone was reached on May 2, 2008.
The Pine Cove project was completed on time and on budget, with capital costs estimated at $12.6 million. Gold was first found on the property in 1988, and the preproduction probable reserve was 2.3 million tonnes grading 2.76 g/t Au or 207,000 oz of gold. An open pit mine feeds a 500-t/d mill that includes Gekko inline pressure jigs and a flotation circuit. The mine has a target of 13,000 oz of gold in 2008.
Visit www.AnacondaMining.com for images of construction at Pine Cove.
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