FRANK I thought this may interest you and the other ELD holders.
T Eldorado - Outlook -2: Sees Sao Bento Output At 125,000 Oz
VANCOUVER (Dow Jones)--Eldorado Gold Corp. (T.ELD) said it expects to produce
185,000 ounces of gold at an average cash cost of $215 an ounce in 1999.
In a news release, the company said devaluation of the Brazilian currency,
the real, will allow it to profit further from its investment in the Sao Bento
Mine and from the enhancements it has made since 1996.
It said it expects to see higher cash flow from the Sao Bento operation in
1999 together with attractive opportunities for further expansion in production
and continued cost reduction.
The company said gold production in 1999 at the Sao Bento Mine is estimated
at 125,000 ounces at a cash cost of $200 an ounce, representing a 19% decrease
in cash costs compared with 1998 figures. Eldorado Gold also said cash costs
will fall from fourth-quarter 1998 levels of $227 an ounce to about $200 an
ounce if the real stabilizes at 1.60 per U.S. dollar.
At the La Colorada Mine in Mexico, gold production is projected at 60,000
ounces at a cash cost of $245 an ounce in 1999. This represents steady state
production and cash costs when compared with 1998 figures, it said.
Eldorado said that, in Turkey, it will continue to develop two key projects
out of its portfolio of assets. At the 100%-owned, 1.2 million ounce
WT/Efemcukuru gold deposit, it said it has started a development plan, which
sees an underground mine and associated processing facility producing gold in
the form of a saleable flotation and gravity concentrate. A preliminary
feasibility report is expected to be completed by the end of February.
At the 100%-owned Kisladag gold project, results from a phase one drill
program indicate the presence of a major bulk tonnage gold discovery with drill
intercepts of up to 250 meters grading 1.7 grams a ton of gold. Work is
currently underway on plans for a follow-up drilling program aimed at detailing
the discovery to the level of a confirmed resource.
Eldorado is a gold mining company.
(END) DOW JONES NEWS 02-15-99
11:29 AM |
