Carolin Mine
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This is from the 2004 Annual Report:
"We estimate that the Carolin Mine has the potential to host another one million ounces of gold. There is an unexplored 1.2 Kilometre-long zone containing 12 targets with gold showings between the mine area and the McMaster zone, where there are surface drill intersections of 29.5 feet grading 0.33 opt gold and 49 feet grading 0.15 opt gold on strike."
"The geological setting at Carolin is similar to the Mother Lode in California, which has produced approximately 10 million ounces of gold."
"We have completed an extensive data compilation program of previous drill results and a review of the regional geology. We plan an aggressive exploration program. This will be followed by updating an earlier feasibility study and rehabilitating the milling facility."
"The mine site consists of underground development, a 1,500 tpd mill, which requires rehabilitation, and a permitted tailings impoundment area."
"The property is easily accessed by road and all infrastucture is present. The Caroline Mine has demonstrated in the past that the site has adequate surface rights to support mining operations. Underground mining was conducted year-round. There are readily available sources of power, water, mining personnel, tailings storage areas, waste disposal areas and an established processing plant."
"Approximately C$40.0M was spent on the property before commissioning in late 1981."
This last quote is from Peggy's interview with the WallStreetReporter:
"Carolin Mine located in BC, which host 300,000 to 400,000 ounces of gold."
My thoughts:
It has been estimated that it would only cost around $7M to bring the Carolin Mine back into production.
It is also thought that all this could be completed within 2 years, including exploration efforts. I guess it is easy to see how this can be accomplished given the significant infrastucture that is already in place. We (Century Mining) do have a budget in place to initiate some work at Caroline in 2006.
Given the massive bang for the buck at Lamaque, I can understand why Lamaque was given a greater priority. However, don't discount Carolin. This could be a really low hanging fruit for us also. Goodness, this company has so many great options. Most exploration companies out there would die to even have one quality asset nevermind so many.
fyi, I hope to write a little bit about our Alaskan properties tomorrow.
Good luck,
Production05
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