I'm impressed. I was thinking Jan/Feb and they did their first gold dore pour in about 5 weeks. This should be worth about us$353,688. If they do 10 of those pad loads a year that's about us$3.5 million and more than pays back the cost of building the mine. Leaves cash for exploration and mine expansion and means they continue to operate debt free!!! But, they're picking up the pace and say they'll mine over 20,000 oz gold in the next year to net around us$9 million. They still have longer term elephant potential in Nevada at Lone Mountain. I don't know why the stock is not moving up better. Maybe it's the private placement holders dumping their shares for a quick buck, maybe it's the low grade of the deposit. I'm holding my shares long term.
News Release 2006-25
AUROGIN COMPLETES FIRST GOLD POUR FROM EL SASTRE PROJECT
TORONTO, ON, December 05, 2006 - Aurogin Resources Ltd. ("Aurogin" or the "Company") (TSX-V: AUQ) is pleased to report that it has poured its first bars of gold doré from the Company's 50%-owned El Sastre Main Zone gold mine in Guatemala. The gold bars, having a total weight of approximately 825 troy ounces (+95% gold content), were produced at a custom carbon stripping facility in the United States and are being shipped to Canada for refining and final determination of gold content. The Company does not have any forward sales contracts and intends to sell the gold in the open market.
The Company has developed the El Sastre Main Zone as an open pit (truck and shovel) heap leach operation using carbon columns for gold recovery. Leaching of the first lift (approximately 18,000 tonnes), which began on October 17 2006, is now complete and a second lift of new ore is being loaded. The Company's plans call for mining 300,000 tonnes of indicated resources grading 2.5 to 4.0 grams/tonne gold ("g/t Au"), to produce 20,000 to 30,000 ounces of gold in 2007 based on metallurgical recovery of 80%. Mr. Darren Koningen is the Qualified Person under NI 43-101 for the Project.
A diamond drilling program is also underway at the El Sastre Main Zone focused on upgrading the existing inferred resource to indicated status and facilitating the completion of detailed mine production plans. The Company intends to conduct further exploration drilling elsewhere on its El Sastre Project in order to expand further its overall gold resource.
"This marks our transition to a gold producer and also the culmination of a lot of hard work on the part of the entire team," said John Paterson, P.Eng., President and CEO of Aurogin. "Their skills and efforts are critical to the strong future that lies ahead for Aurogin and its shareholders."
Aurogin Resources Ltd. is an emerging gold producer focused on the acquisition and development of profitable gold deposits in the Americas. Aurogin's 50% owned El Sastre Main Zone in Guatemala, now in production, is only one part of the overall El Sastre Project, an expanding resource that includes at least four mineralized zones. Management aims to define a resource approaching one million ounces of gold (hosted in 15 to 20 million tonnes grading 1.5 to 2.5 g/t Au).
Aurogin Resources Ltd. Listed: AUQ: TSX-V
Issued: 62,052,721 common shares
For information contact: Greg Taylor, V.P. Investor Relations (416) 605-5120
E-mail: info@aurogin.com or visit our website: www.aurogin.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.
auroginresources.com
55 University Avenue - Suite 605,
Toronto, Ontario, Canada M5J 2H7
John H. Paterson, P.Eng., President & CEO
Tel.: (416) 214-4809 Fax: (416) 366-7421
Email: info@auroginresources.com |
