Drilling in 1998 added reserves to
Proven and probable reserves at Cerro Mojon now stand at 17.6 million tonnes grading 2.14 grams gold per tonne — 45% higher than at the end of 1997.
At San Andres, the figure is 22.3 million tonnes grading 1.11 grams gold, or 20% higher than a year ago. The new figures are based on a gold price of US$300 per oz., as opposed to US$350 per oz. used a year ago.
Meanwhile, reserves at the Santa Rosa mine in Panama declined 67% to 5.1 million tonnes averaging 1.9 grams gold, while those at the Bonanza mine in Nicaragua dwindled to 230,000 tonnes averaging 7.61 grams gold. The losses are attributed mainly to the use of the lower gold price, as well as writedowns.
At presstime, Greenstone announced it had suspended mining at Santa Rosa in order to improve 1999 cash flow. Production will continue from leaching the 6.2 million tonnes on the pads, which still contain more than 100,000 oz. gold. Later this year, the company will examine plans to mine a higher-grade pit.
Greenstone’s various properties collectively host 132 million tonnes of resources averaging 1.38 grams gold. Of that amount, 83.3 million tonnes grading 1.5 grams are considered proven and probable.
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