NORTHERN ORION EXPLORATIONS LTD. ANNOUNCES FIRST GOLD
POURED AT MANTUA MINE
VANCOUVER, March 13 /CNW/ - Northern Orion Explorations Ltd.
NNO - TSE
MAE - TSE, VSE
MAENF - NASDAQ
Northern Orion Explorations Ltd. is pleased to announce that it has made
the first gold pour at the newly constructed gold leach facility at the Mantua
Mine. Successful completion of the construction of the Mantua gold leach
facility, the Company's first mine, represents an important milestone in the
growth of Northern Orion from an exploration company to a producing company.
Gold Leach Facility
The gold leach facility was completed in February 1998 after 10 months of
construction, ahead of schedule and within budget. The gold leach facility at
Mantua will mine an estimated gold reserve of 1.72 million tonnes grading 1.7
g/t gold, containing 101,700 oz of gold. Gold production is forecast to total
75,000 oz of gold over a two-year period. Approximately 150,000 tonnes of ore
have been loaded on the pad and placed under leach as of the end of February.
The gold leach facility was completed at a capital cost of US$10 million
and cash costs are forecast to be under US$200 per oz of gold.
New Copper Reserve
Northern Orion has also completed and had independently audited a new
reserve estimate for the Mantua copper deposit which underlies the gold
deposit based on additional drilling completed in 1997. The copper deposit is
estimated to contain a reserve 11,980,000 tonnes grading 2.00% copper,
containing 240,000 tonnes of copper. Northern Orion is continuing its
evaluation for the development of this copper reserve as a copper leach
operation with SX/EW recovery to produce copper cathodes on site.
The Mantua project is being developed as a 50-50 joint venture with
Geominera SA, a state owned company.
---------------------------------------------------
If they're selling gold for $300, they're just breaking even. I like the copper ore grade.
Bear |
