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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (4595)	7/22/2002 9:30:56 PM
From: TrueScouse	Read Replies (1) \| Respond to of 39344

Anyone still following GEO....? ================================= For Immediate Release July 22, 2002 GEOMAQUE OPERATIONS FOR QUARTER AND SIX MONTHS ENDED JUNE 30, 2002 Toronto?Geomaque Explorations Ltd. (TSX:GEO) operations are proceeding as expected at the Vueltas Mine in Honduras. As previously announced the new leach pad (?Pad 2?) was completed and loading commenced in February 2002. Ore loaded on Pad 2 to March 31 totaled 72,794 tonnes with a grade of 1.95 g/t and containing 4,572 ounces of gold. In the second quarter ore loaded on Pad 2 totaled 203,670 tonnes with a grade of 1.93 g/t and containing 12,667 ounces of gold. Virtually all of the 5,277 ounces of gold produced in the first quarter originated from Pad 1. Loading of Pad 1 stopped in November, 2001, while rinsing of the heap stopped in May 2002. It is estimated that total production for the six months ended June 30, 2002 from that source is about 5,500 ounces of gold. Lixiviation on Pad 2 commenced on March 20, 2002. Production in the second quarter totaled 9,483 ounces of gold, of which about 222 ounces came from Pad 1 and the balance of 9,261 ounces from Pad 2. Pad 2 recoveries are estimated at 70% to date and are expected to gradually reach at least 75% for the oxide ore. The substantial improvement in the performance of Pad 2 compared to Pad 1 reflects the careful attention to agglomeration, ore stacking and overall pad management implemented by the new operating team at the Mine. The Company is encouraged by the production rates and is confident the planned production of between 35,000 to 40,000 ounces of gold for the calendar year will be achieved.