Hi Claude, Barrick's URL is:http://www.barrick.com/ I thought I would also reprint the following Press release for the Yanacocha, the largest mine in South America, with 23 million ounces, and note the grades, on La Quinua the average grade is .024 or .7089 g/t, On the Yanacocha Sur, the average grade is .035 ounces or .9922 g/t That should lay to rest the idea that the Pico Machay results were terrible. I'll search out the average grade on the Yanacocha Norte and Oeste. Conversion Table URL is: island-metro.com
There is an article on the fact that Pico Machay is almost a geological mirror image of Yanacocha. Is it? Who knows! But it would seem to me, that when you're in an area that has spawned the size of Yanacocha, and Pierina, there is definitely reason to be a little more optimistic. Also, for those who think they should have found something more exciting after 8 drill holes, they should take note that Newmont/Minera Andes drilled 420 holes just to increase the reserves by 40%. This is one HUGE mine and it has produced 3.75 million ounces already and are gearing up to produce 1.4 to 1.5 million in 1999 all at these low grades. I said it before and I'll say it again, what counts is How much Gold is there...and is it profitable to mine? That's the bottom line for any mine.
I've also heard some say that Queenstake has a lot of shares out and to them I say, Arequipa had over 36 million when they were bought out by Barrick.
Cheers and Good reading, Claude. It's very interesting, to say the least. The more you dig....the more interesting it becomes.
Company Press Release
SOURCE: Newmont Mining Corporation
Yanacocha to Increase Reserves 40 Percent
LIMA, Peru, Oct. 20 /PRNewswire/ -- Minera Yanacocha, Latin America's largest gold producer, announced today that extensive drilling and metallurgical testing during 1998 will allow it to increase gold reserves to approximately 20 million ounces by year-end. This represents a 40 percent increase from year-end 1997 reserves of 13.9 million ounces despite depletion of 1.5 million ounces this year.
Drilling of 420 holes totaling approximately 39,000 meters is expected to add 4.0 million ounces of reserves at the La Quinua deposit, discovered last year. The current reserve base there is 3.0 million ounces. Another 1.7 million ounces are expected at Yanacocha Sur following metallurgical testing. The combined Yanacocha Sur, Norte and Oeste deposits currently have reserves of 7.2 million ounces.
Total combined reserves and mineralized material not yet in reserve for Minera Yanacocha will increase to approximately 23 million ounces this year from 19.4 million ounces last year. Reserves at Minera Yanacocha have increased three-fold over the last two years, while combined reserves and mineralized material have more than doubled.
Minera Yanacocha, located in Northern Peru, is 51.35 percent owned by Newmont Mining Corporation of Denver, 43.65 percent by Lima-based Compania de Minas Buenaventura, S.A. and 5 percent by the International Finance Corporation
(IFC).
In comments to a group of analysts here, Minera Yanacocha General Manager Carlos Santa Cruz noted that the mine will reach the 20 million-ounce reserve mark after being in production for only five years. To date, Minera Yanacocha has produced 3.75 million ounces of gold.
Santa Cruz said gold production for 1998 will increase to 1.3 to 1.35 million ounces from 1.0 million ounces in 1997 and will rise further to 1.4 to 1.5 million ounces in 1999. The reserve additions at La Quinua will allow Minera Yanacocha to maintain production at this level for several years.
La Quinua will require the addition of a fourth leach pad at a modest capital cost of $60 million, Santa Cruz said. It will utilize existing processing facilities. Production at La Quinua is scheduled to begin at the end of 2000, allowing for continued definition drilling of the El Tapado deposit, located under La Quinua. Total cash costs at La Quinua are estimated to be $150 per ounce. A recovery rate of 65-70 percent is assumed for the deposit. Average grade at La Quinua is 0.025 ounce per ton.
Yanacocha Sur is currently in production. The new reserve ounces at Yanacocha Sur include ore that is transitional in nature, with a combination of both oxide and sulfide mineralization. Metallurgical tests conducted this year indicate the material can be processed through existing leach facilities with recoveries of 50 to 60 percent. Average grade at Yanacocha Sur is 0.035 ounce per ton.
SOURCE: Newmont Mining Corporation |
