Alta Gold Co. Reports First Gold Pour at Griffon
biz.yahoo.com
An extract:
Site development at Griffon began in July 1997, followed two months thereafter by the commencement of mining. Also during the 1997 program, proven and probable gold reserves at Griffon were expanded by more than 40 percent to nearly 100,000 ounces of gold.
As a result, Griffon's expected mine life has been extended by at least one year, with 1998 production projected to be approximately 40,000 ounces of gold at an average cash cost of less than $200 per ounce. In addition, all of the 1998 production from Griffon is hedged at a minimum price of $335 per ounce.
Robert N. Pratt, president and chief executive officer of Alta Gold, stated: ''We are pleased to be able to open a new mine, especially in the face of current market conditions. Between our ability to remain a low-cost gold producer and our hedging program, we expect to continue to be profitable in 1998.'' |
