Profits of US$6 million are expected to be realized by Fischer-Watt Gold (NASDAQ) and a joint venture partner from their recently opened Mystic gold mine north of Phoenix, Ariz.
During the next nine months, the small underground operation is expected to produce at least US$8-million worth of gold from the 80-300 ft. level alone. The partners estimate that mining and milling costs will be in the order of US$100 per oz. gold produced.
Mining operations are concentrated on the main Mystic zone which has been extensively drilled, although additional gold may be mined below the 300-ft. level and in parallel veins.
The operation is reported to have rich, concentrated values, although the distribution of gold within the zone is erratic. Nuggets were recovered from drilling, and the company hopes that in mining it will recover museum quality nuggets.
The joint venture plans to either contract with a nearby mill, or recover the gold by gravity and chemical separation.
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