Glimmer development yields revenue

A bulk-sampling program at their Glimmer mine, near Matheson, Ont., has produced 39,852 oz. gold for partners Exall Resources (EXL-T) and Glimmer Resources (GME-V).

Proceeds from the sale of that production netted the companies $17.5 million in revenue. Production in the fourth quarter was 18,003 oz. at a cash cost of US$260.82 per oz. Exall anticipates those costs to drop to US$220 per oz. once underground development is complete. Commercial production at the mine began in the new year, and a new reserve estimate is being calculated.

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