Inco Gold involved in Brazilian project

Development of a gold prospect in Brazil which is expected to yield about 3.7 million g (120,000 oz) gold per year and in which two affiliates of Inco Gold are partners, is under way.

Capital cost of the project is estimated to be $68 million(US), with the production start-up planned for December, 1989. Site clearance has commenced, a ramp has been driven to the 150-m level and mine development has started at the Crixas project in the state of Goias.

The mine and mill are being designed for the production and treatment of 360,000 tonnes ore per year. Reserves to date stand at seven million tonnes averaging 11.7 g gold per tonne (0.34 oz per ton).

Inco Gold’s interest in the project, through two Brazilian subsidiaries, is 50%. The other partners are Brazilian gold- producer Mineracao Morro Velho S/A, which will act as operator, and a Brazilian affiliate of Anglo American. Inco Gold is the gold-mining arm of Inco Ltd.

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