BOLIVAR ACHIEVES RECORD GOLD PRODUCTION IN VENEZUELA MINE
Bolivar Goldfields Ltd.
Shares issued 12,785,105
Wednesday Sep 29, 1999
Mr. Mauro Coppola reports;
Bolivar Goldfields Ltd. has achieved record production for the past two months at its Tomi operations in Venezuela, with 6,997 ounces produced in August, and a further 6,500 ounces forecast for September.
Construction and refurbishment of the plant was completed in mid-May and with the plant now operating in excess of the rated capacity of 1,400 tonnes per day, the company is confident that gold production for the year will exceed 60,000 ounces.
The current monthly cash operating cost is approximately $125 (U.S.) per ounce.
Tomi is an open-pit mine in Bolivar state, Venezuela. Based on currently evaluated reserves and the potential shown by mineralization within the Tomi concession and in the company's concession adjacent to Tomi, management feels that a minimum mine life of 10 years is attainable.
In addition, the Tomi deposit contains unexplored underground potential, which will be further investigated in the near future.
The company is current with all of its debt obligations. The debt related to Tomi is scheduled for repayment over the next three and one-half years. However, the company is confident that full repayment will be achieved at an earlier date. |
