Geomaque announcement/Q3 production
(Full text of press release from Canada NewsWire)
Third Quarter Production Exceeds 17,000 Ounces at San Francisco Mine
Gold production increased by 35% over second quarter
TSE Symbol: GEO
TORONTO, Oct. 15 /CNW/ - Geomaque Explorations Ltd. is pleased to announce that gold production at its San Francisco Mine increased significantly in the third quarter to 17,150 ounces, before final settlements. This represents a 35% increase over the 12,681 ounces produced during the second quarter, and is the highest quarterly production to date in 1998.
The Mine processed 752,000 tonnes of ore at an average grade of 1.04 g/t. While grade was on budget during the quarter, downtime in the crusher circuit due to modifications and maintenance had an effect on throughput. However, through the first three quarters of 1998, 2.3 million tonnes of ore grading 1.00 g/t has been loaded on the leach pad, compared with 2.4 million tonnes grading 1.05 g/t processed in all of fiscal 1997.
We're very pleased with the positive impact on gold production resulting from the operating changes we've made during the year, and will continue to increase efficiencies and optimize performance at San Francisco,'' said John Paterson, President and CEO.
Geomaque Explorations Ltd. is an international gold mining and exploration company which is producing gold from its 100%-owned San Francisco Mine in the State of Sonora, Mexico, developing the Vueltas del Rio gold deposit in Honduras, and exploring for gold in Latin America.
/For further information: please visit our website at www.geomaque.com, or contact: Sean Stokes, Manager, Investor Relations, (416) 956-7470, e-mail: sstokes(at)geomaque.com/
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