Dr. Dominique Fournier reports
PROJECT-TANZANIA
Can anyone here explain to me why this is trading @ 79c??--a month ago it was 50c;;;;I own a chunk, also bought all the way down
TULAWAKA MINE PRODUCES 39,707 OUNCES OF GOLD IN THE SECOND QUARTER OF 2006
Northern Mining Explorations Ltd. has confirmed that the Tulawaka mine in Tanzania produced 39,707 ounces of gold during the second quarter ended June 30, 2006. Tulawaka gold production now amounts to 62,057 ounces since Jan. 1, 2006, and a total of 186,776 ounces since the start of production in March, 2005.
The production for the second quarter was 13,771 ounces of gold more than expected, representing an increase of 53 per cent over budget.
During this quarter, the plant facilities processed 136,278 tonnes of ore at an average grade of nine grams per tonne gold at a gold recovery of 95.2 per cent. The total cash costs averaged $252 (U.S.) to produce an ounce of gold.
For the second quarter, 41,616 ounces of gold were sold into the spot market, making a total of 65,471 ounces of gold since the beginning of this year. The average price of the gold sales for this quarter was $617 (U.S.). For the first six months of 2006, the operating profit was $15.06-million (U.S.) compared with a budgeted profit of $5.19-million (U.S.).
With these excellent results, the Tulawaka mine distributed an amount of $10-million (U.S.) to the joint venture participants Northern Mining (30 per cent) and Pangea Goldfields (70 per cent) in the second quarter; Northern Mining's share has been entirely applied to the reduction of its debt. After this cash distribution, the Tulawaka mine is maintaining cash provisions of $14.8-million (U.S.), of which $10-million (U.S.) for further development of the Tulawaka project. |
