Mono Gold Mines says its consultant has estimated mining and milling costs of $65 per ton for ore on its Bannockburn property near Madoc, Ont.
However, a production decision is not assured. The company says that exploration to date “strongly suggests that mineable ore shoots will be uncovered.”
Drill indicated and inferred reserves are set at about 302,000 tons grading 0.417 oz gold per ton. The company says a $300,000 program of in-fill drilling was to have started Jan 27.
Mono is also considering ways to finance a $1-million underground exploration program recommended by another consultant.
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