Tuesday February 5, 10:41 am ET - Repadre reports Tarkwa 4th quarter results
Press Release
SOURCE: Repadre Capital Corporation
SYMBOL RPD - TORONTO
TORONTO, Feb. 5 /CNW/ - Repadre Capital Corporation is pleased to report the following results at the Tarkwa gold mine in Ghana. Repadre holds an 18.9% interest in Tarkwa through its holdings in Gold Fields Ghana Limited ("GFGL").
Tarkwa Highlights
- Q4 production 145,000 ounces of gold with cash costs of US$174 per
ounce.
- Full year 2001 production of 527,000 ounces of gold at a cash cost of
US$164 per ounce versus 2000 production of 362,000 ounces at a cash
cost of US$166 per ounce.
- Tarkwa has achieved a steady state production rate of roughly
1.25 million tonnes of heap leach ore per month.
The following table summarizes Tarkwa production results for 2001:
<<
QUARTER ENDED
---------------------------------------- TOTAL TOTAL
March 31, June 30, Sept. 30, Dec 31, 2001 2000
2001 2001 2001 2001
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Gold Produced
(000 ozs) 114.8 117.3 150.1 144.8 527.1 362.4
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Repadre's
18.9% Share
(000 ozs) 21.7 22.2 28.4 27.4 99.6 68.5
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Cash Costs
(US$/ounce) 148 169 163 174 164 166
------------------------------------------------------------------------
>>
Damang
On January 23, 2002, Repadre and Gold Fields Limited announced the completion of the acquisition of Abosso Goldfields Limited ("Abosso"), which holds 100% of the Damang gold mine in Ghana. The ownership of Abosso now mirrors the ownership of GFGL with Gold Fields Limited being the operator of both Tarkwa and Damang. For the twelve month period ended June 31, 2001, Damang produced 322,000 ounces at a cash cost of US$208 per ounce. In the near term, GFGL and Abosso will actively review potential synergies between Tarkwa and Damang as well as initiate an exploration program to target prospects on the Damang property.
Repadre pursues royalties, non-operating interests and merchant banking opportunities in the mineral resource industry on a global basis.
Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe Repadre's future plans, objectives or goals. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. There can be no assurance that such statements will prove to be accurate and that actual results and future events in each case could differ materially from those currently anticipated in such statements by reason of such factors as, but not limited to, changes in general economic and market conditions.
For further information
Joseph F. Conway, President and Chief Executive Officer, Tel: 416-365-2430, Fax: 416-365-8065
Grant A. Edey, VP Finance and Chief Financial Officer, Tel: 416-365-5161
Website: repadre.com
E-mail: mailto:info@repadre.com
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