HRG wts. I doubled up on these guys. Production in Dec, looking and acting good.
High River Gold Mines Ltd (C-HRG) - News Release
High River Gold stockpiles 230,000 t at Berezitovy
2007-11-14 17:13 ET - News Release
Shares issued 294,324,710
HRG Close 2007-11-14 C$ 2.66
Mr. Dan Hrushewsky reports
HIGH RIVER GOLD'S BEREZITOVY GOLD MINE ON TRACK TO ACHIEVE COMMERCIAL PRODUCTION IN DECEMBER
High River Gold Mines Ltd. is making construction progress at its unhedged Berezitovy gold project in Russia.
The Berezitovy gold mine is on track to achieve commercial production in December of this year after having poured its first gold bar on Aug. 7, 2007 (see news reported in Stockwatch Aug. 8, 2007). Commercial production is defined as 30 consecutive days of process plant operation at 60-per-cent capacity or better. Berezitovy's annual production, after achieving full production levels, is expected to exceed 100,000 ounces of gold for at least nine years.
Project construction update
Mining
Prestripping has been completed, and mining continues with approximately 230,000 tonnes of ore (approximately two months of production) stockpiled.
Process plant
The crushing, grinding and leach circuits are operating and processing ore. Some minor work remains on the carbon stripping circuit.
Tailings storage facility
The double-lined, zero-discharge tailings storage facility is complete, with the liner laid and the slurry pipeline and radial stacker assembled and operational. Construction of the filter plant is nearing completion, with all components on site and only minor work remaining on electrical and piping connections.
Power generation
Low-cost, reliable electrical power has been available on site for more than two years from the regional hydroelectric power grid, which the project accesses through a 110-kilovolt, 100-kilometre-long power line built by the company. Power costs in 2007 were less than five U.S. cents per kilowatt hour.
Water supply
All pumps and piping supplying water have been installed and are operational. Water sources are abundant and of high quality.
Flotation circuit project
As reported in Stockwatch May 30, 2007, High River announced scoping level plans for the installation of flotation circuits to recover zinc and lead and to improve the recovery of silver. High River is currently planning additional bench-scale confirmatory testwork to refine flotation equipment sizing. Also in the planning stages are permitting and detailed engineering work. Construction of the flotation circuits is tentatively scheduled to begin in the second quarter of 2008 and the production of zinc and lead concentrates could begin as early as January, 2009. As noted in the news reported in Stockwatch May 30, implementation of the flotation circuit project has the potential to significantly reduce the cash cost per ounce gold at Berezitovy through zinc, lead and silver byproduct credits.
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