NEWS - here's the reason for the recent pressure on share price. Always the last to know. I am guessing Payout date extended two additional months.
Etruscan's Samira Hill produces 12,567 oz. Au in July
2005-08-09 11:18 ET - News Release
Mr. Richard Gordon reports
PRODUCTION EXCEEDS 12,500 OUNCES IN JULY AT SAMIRA HILL GOLD MINE
Etruscan Resources Inc.'s Samira Hill mine produced a total of 12,567 ounces of gold in the month of July. This represents a monthly production record by the mine and is a result of an increase in plant availability and ore grade.
For the month of July, Samira processed a total of 150,834 tonnes of ore at an average grade of 2.9 grams per tonne (g/t) and a gold recovery of 90 per cent. During the second quarter of 2005, the Samira Hill gold mine processed a total of 307,062 tonnes of ore at an average grade of 2.4 g/t at a gold recovery rate of 88 per cent, resulting in a total production of 20,030 ounces of gold. Production to date (end of July) for 2005 is 55,734 ounces, which is below the target of 73,811 ounces.
The Samira plant has suffered from lower production levels in previous months because of certain mechanical failures following commissioning in October, 2004. Many of these issues have now been resolved resulting in higher plant throughputs and gold production. Management believes the improvements at the plant will allow Samira Hill to recover the majority of the production shortfall before year-end.
Samira Hill is operated under the Nigerian company Societe des Mines du Liptako (SML) S.A. SML is owned 80 per cent by African GeoMin Mining Development Corp. Ltd. (AGMDC) and 20 per cent by the state of Niger. AGMDC is in turn owned by Etruscan (50 per cent) and Semafo (50 per cent).
We seek Safe Harbor.
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