Glamis acquired the small underground operation through its February 1999 merger with Rayrock Resources. The 5-year-old mine employs solvent extraction-electrowinning to produce 10,000 tonnes cathode copper per year at a production cost of US65 cents per lb.
Proven and probable reserves are pegged at 9.3 million tonnes grading 2.35% copper, which, at current production rates, would support another 14 years of mining.
In September, Ivan produced 877.1 tonnes of high-grade copper cathode at US77 cents per lb.
Milpo purchased the mine and a nearby package of exploration properties for US$21 million.
The mine is expected to contribute 24.2 million lbs. copper in 2000.
Says Glamis President Kevin McArthur: “While Ivan operations have greatly improved over the past months, it is important that the company stay focused on increasing gold production and reserves while reducing costs. The proceeds of this transaction will help us to finance the steps needed to achieve those objectives.”
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