LONDON (Alliance News) - Aureus Mining Inc on Monday said gold sales and the initial mining and processing operations have now started at the New Liberty Gold Mine in Liberia.
Aureus said since nameplate capacity was reached in mid-July to the end of August, it has made four gold doré shipments from New Liberty, totalling 4,881 ounces of gold sold at an average price of USD1,119 per ounce.
Plant commissioning on the site is progressing well, the company said, with 52,310 tonnes of ore processed in the first six weeks of operation. Average gold recoveries of 89% and recent recoveries as high as 92% are ahead of its expectations at this stage of the processing programme, the company said.
Aureus said initial mining operations had been hindered by a dynamite shortage, but this has now been addressed, and it said mining was able to continue despite the heavy rains which hit the country in August due to the water management plan put in place.
It said it is on course to declare commercial production from New Liberty in the fourth quarter of this year and said this will be announced after the plant hits an average capacity of 60% over a 60-day period.
"The progress being made is very encouraging with early operations confirming the high grades at New Liberty and good recoveries, despite the typical teething problems associated with commissioning a new gold mine," said Aureus President and Chief Executive David Reading.
Shares in Aureus were up 3.0% to 19.69 pence on Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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