Gold and Silver Juniors, Mid-tiers and Producers Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: loantech	11/21/2006 9:58:02 AM
	of 78416

Western Moving Ahead: Western Goldfields Orders Mining Fleet to Proceed With Mesquite Mine Production 2006-11-21 08:00 ET - News Release TORONTO, Nov. 21 /PRNewswire-FirstCall/ - Western Goldfields, Inc. today announced the Board of Directors has approved capital expenditures for the mining fleet totaling $67.0 million and has issued purchase orders totaling $60.9 million. All currency amounts are in U.S. dollars. The initial mining fleet includes 11 Terex 190-ton haul trucks, two O&K RH340 shovels, a Letourneau 1350 loader, and Caterpillar ancillary equipment. Western Goldfields also has issued purchase orders to secure a tire inventory for the first year's estimated consumption. "Placing the initial order for our mining fleet is a significant milestone for Western Goldfields as it secures the delivery of the new equipment required to bring our Mesquite Mine in California into full production," said Raymond Threlkeld, President and Chief Executive Officer. "We expect the mining fleet to arrive in mid-2007, which should allow Western Goldfields to meet our goal of average annual production of 165,000 ounces of gold at total cash cost of approximately $335 per ounce commencing in April 2008." Initial capital expenditures are now estimated to be $97.9 million, which is $9.7 million higher than indicated in the feasibility study. This increase is primarily due to the Company electing to purchase EPA certified engines for the truck fleet which operate with lower emission levels than the EPA compliant engines considered in the feasibility study. Western Goldfields is evaluating three project debt proposals to finance the initial mining fleet and it intends to sign a mandate letter by the end of November 2006. new.stockwatch.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next