SAN JOSE, Costa Rica Toronto-based GLENCAIRN GOLD has started the first phase of construction at its 100%-owned Bellavista gold mine in preparation for production before the end of 2004. The mine will produce 60,000 oz of gold yearly.
Sococo de Costa Rica S.A. has been selected as lead contractor for Phase One of construction. Sococo has been active for many years in Central America at several open pit heap leach gold mines. Phase One includes roadwork, installation of liners for leach pads, process ponds and sedimentation ponds, and preparatory earthworks for the mill, gold recovery plant, and administration building.
Costs are modest. Construction is expected to be about US$26 million. Glencairn is projecting operating cash costs at US$163/oz for 7.3 years. The estimate is based on current reserves of 11.24 million tonnes grading 1.54 g/t Au. The vital statistics and a history of the Bellavista project can be found at www.glencairngold.com.