I was wondering about a WGI/MFL merger as WGI said that they are developers and financiers while MFL refer to themselves as explorers.
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Nice article on MFL.
Minefinders: Dolores to sell 40,000oz Au, 1Moz Ag in 08 - Mexico
Published: Thursday, February 28, 2008 16:35 (GMT -0400)
Vancouverite Minefinders (TSX: MFL, Amex: MFN) is aiming to sell about 40,000oz gold and 1Moz silver this year, as its Dolores gold-silver mine in Mexico's Chihuahua state achieves commercial production, company spokesperson Mike Wills told BNamericas.
bnamericas.com
Dolores is expected to reach its commercial production rate of 18,000t/d in the second quarter or early Q3, Wills said, adding that the company anticipates to be cash-flow positive by August or September.
Output is slated at 124,000oz gold and 3.1Moz silver for 2009.
The spokesperson said that Minefinders will not need more financing for the project, noting that the company has US$17mn in the bank, in December secured a US$50mn revolving three-year term credit facility and has already spent some US$141mn on the project.
DOLORES EAST DIKE SATELLITE
Recent drilling on the Dolores East Dike satellite target, some 200m from the eastern edge of the Dolores open pit mine, returned 41.2m at 4.07g/t gold and 148g/t silver or 6.57g/t gold equivalent and 83.8m grading 2.01g/t gold and 76.4g/t silver or 3.29g/t gold equivalent.
Minefinders said that the new data, in combination with results from previous drilling, will be used to estimate the new Dolores East Dike resource and evaluate conversion of this resource into additional reserves.
"It's an extension of the pit on the east side," Wills said, adding: "This can be easily mined just by extending on the east dike."
Two drill rigs are currently working on the Dolores East Dike.
"Once we're cash flow positive we're going to look at our exploration properties and going to look at acquiring other properties," Wills said, noting that the company is especially excited about its La Bolsa property in northern Sonora state, which he likened to a "a small Dolores."
By Anthony Esposito
Business News Americas |
