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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (84743)	4/25/2002 9:10:33 AM
From: goldsheet	Read Replies (1) \| Respond to of 117014

> Reduced production? Not at all, just a cost reduction. AVgold just opened the Target Mine on March 8, 2002 avgold.co.za "Target, which has cost R2,1 billion to build, will produce 350 000 ounces of gold a year over a 12 year life at an average life-of-mine grade of 9g/t." Avgold used to produced about 600,000 per year until they sold Harties to Durban in August 1999. Production at the remaining operations was 81,000 in 2000 and 91,000 in 2001. With Target producing for almost 10 months in 2002, it should do about 280,000. As a result, expect AVgold production in 2002 to be at least 350,000, UP 280%. Definitely not reduced production ;) They are actually planning on get back up to 500,000 ounces: "Avgold’s exploration drilling programme in the northern Free State, immediately north of the Target mine – within the Paradise area – is also continuing. Pending the outcome of this drilling, Avgold’s northern Free State gold complex could increase production to about 500 000 ounces a year over a 40 year life." The collapse of the rand has made many mothballed RSA resources look like potential reserves to be reopened and mined. Plot gold in rand and you will see it go from 2000 rand in early 2001 to about 3300 rand now, up 65% - a MONSTER rally comapred to its 20% move in $US blacktusk.commerce.ubc.ca