Vancouver Looking for output to reach 200,000 oz of gold this year, Apollo Gold (APG-T) produced 154,860 oz from its Florida Canyon and Montana Tunnels operations in 2002.
In the fourth quarter, the Florida Canyon mine in Nevada produced 29,551 oz. of gold at a total cash cost of US$244 per oz. bringing its yearly total to 121,516 oz at a total cash cost of US$243 per oz. Montana Tunnels, where prestripping of the pit walls is continuing, added 6,687 development oz and 13,400 gold oz equivalents in the fourth quarter and 33,344 oz at a total cash cost of US$178 per oz for the year. Overall, total cash costs to produce an oz of gold over the entire year came in at US$232. For the fourth quarter, the company realized gold price was US$323 per oz. and US$309 for the year.
Publicly listed since last summer, Apollo Gold is the result of a reverse-takeover by International Pursuit of a creditor-held company, also called Apollo Gold. The creditor company was running the last two Pegasus Gold gold mines still operating after the latter went bankrupt in 1999 (T.N.M., June 10/02).
Apollo holds 100% ownership of the two open-pit mines and has an eye on finding more reserves. Some 30,000 metres of reverse circulation drilling were completed at the Standard Area project, located 2 km south of the Florida Canyon mine. Mine feasibility work and ore reserve evaluations should be complete in the first quarter of this year.
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