Sandstorm Gold Provides Operations Update For the Ming Mine and the Bachelor Lake Mine
VANCOUVER, BRITISH COLUMBIA, Feb 22, 2012 (MARKETWIRE via COMTEX) -- Sandstorm Gold Ltd. ("Sandstorm" or the "Company") /quotes/zigman/4019663 CA:SSL +2.48% is pleased to provide an update on the activities at the Ming Mine, owned and operated by Rambler Metals and Mining plc ("Rambler") /quotes/zigman/374164 CA:RAB +1.96% (aim:RMM) and at the Bachelor Lake Mine ("Bachelor Lake"), owned and operated by Metanor Resources Inc. ("Metanor") (tsx venture:MTO).
MING MINE HIGHLIGHTS
Gold
-- Over 5,000 ounces of gold has been poured to date at the Ming Mine
-- Exploration diamond drilling in the 1806 zone has returned new visible
gold intersection of 2.60 metres (core length) of 8.10 oz/ton gold (278
g/t gold uncut)
Copper
-- Development of the high grade base metal 1807 zone continuing with live
ore commissioning for the concentrator by April 2012
-- Development face sampling in the 1807 zone has returned grades of 4.48%
copper, 0.83 g/t gold and 8.88 g/t silver over 3.40 metres
In accordance with Sandstorm's gold purchase agreement with Rambler, Sandstorm is entitled to purchase 25%-32% of the first 175,000 ounces of payable gold (depending on metallurgical recoveries), and 12% of the payable gold thereafter. There is no ongoing cost per ounce for the gold delivered from the Ming Mine.
"Over the past year, the management team at Rambler have been extremely successful in developing the Ming Mine and have exceeded our expectations in developing new ore zones," commented Nolan Watson, President and CEO of Sandstorm Gold.
Gold Production
The operations team continues to optimize gold production from the Ming Mine. The average daily throughput for January was 602 mtpd, with the highest one day throughput being 695 mtpd. The current level of production confirms the projected tonnage rate determined by the company's feasibility study and reported recovery of gold through the plant is nearing 92%.
Since the start of gold production in November 2011, Rambler has poured over 5,000 ounces of gold. The higher than projected refined ounces is a result of slightly higher head grades than the 1806 reserve grade. Table 1 below summaries Rambler's gold production to date.
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http://www.marketwatch.com/story/sandstorm-gold-provides-operations-update-for-the-ming-mine-and-the-bachelor-lake-mine-2012-02-22 |
