Work on the Pinetree gold property held by Goldenbell Resources is continuing on schedule, the company says. Located in California, the Pinetree property is being readied for mine construction beginning by mid-year, Goldenbell says.
An environmental impact report is in progress and will form the bas is for the company’s application for a mining permit. Work is also under way on overburden storage and tailings management. A water supply contract has been signed which will provide the mine site with an adequate supply of water.
Based on a construction schedule beginning in mid-year, Goldenbell expects to be producing gold by mid-1988. Hosting drill-indicated reserves of 25 million tons grading 0.06 oz gold per ton, the property is capable of producing 130,000 oz of gold per year at a cost of $229(US) per oz. Capital costs are estimated at $51.8 million. Negotiations are continuing with various institutions with the intention of raising the funds needed to place the property into production, Goldenbell says.
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