CGCOC has been in business since 1962 and has 300 employees. They have spent close to $50 Mil on the El Salvador mines as of March 1998.
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From June 98, 10K
There are approximately 1.6 million ounces of proven and
estimated gold ore reserves at the SSGM and the other El Salvador gold
mines. Currently, and for all financial statement periods presented
herein, the SSGM is the only one of the Company's properties which has generated revenues, although there are strong initial
indications of commercial gold ore present at the other sites.
At the current stage of the exploration and development, the
Company's geologists have defined the following gold reserves:
Average Contained Probable
Tons Grade Ounces Ounces
---- ----- ------- --------
1. San Sebastian Gold Mine
(a) Dump waste (av. grade) 960,000 0.100 96,000
(b) Stope fill 1,000,000 0.340 340,000
(c) Open pit-virgin ore 13,400,000 0.087 1,165,800
---------- --------- -------
15,360,000 1,261,800 340,000
2. San Felipe-El Potosi
(a) Tailings 185,000 0.060 11,100
3. Hormiguero Mine
(a) Tailings 150,000 0.064 9,600
---------- --------- -------
Total Ounces 15,695,000 1,282,500 340,000
========== ========= =======
The anticipated recovery for processing via the SCMP will range from 85% to 90% and for heap leaching from 65% to 70%.
As of March 31, 1998, the total investment in the El Salvador mining projects by Commerce, three of Commerce's wholly-owned subsidiaries, Sanseb, and the Joint Venture amounted to $48,632,108. |
