High River Gold sets new production records

A record number of ounces was produced last year at the New Britannia and Buryatzoloto gold mines, reports High River Gold Mines (HRG-T).

The New Britannia mine, situated in Snow Lake, Man., and operated by equal partner TVX Normandy Americas, produced 100,911 oz., or 3.4% more than in 1998. Also, total cash costs between the years fell 9.2% to US$216 per oz.

New Britannia realized an average US$306 per oz. for its 1999 production.

In 2000, the mine is expected to produce 100,000 oz. at US$210 per oz.

In southeastern Siberia, production at the Irokinda and Zun-Holba gold mines, operated by Buryatzoloto (BYZJY-Q), in which High River owns a 25%-equity stake, cranked out a record 100,796 oz. Total cash costs, on the other hand, fell 17% to US$169 per oz., reflecting the devaluation in the ruble plus a full year’s worth of output from a new carbon-in-leach plant.

Six per cent of production from the Buryatzoloto mines is hedged at US$401 per oz. through to 2004. Consequently, 1999 realized prices averaged US$320 per oz.

Meanwhile, an independent prefeasibility study is under way at the Taparko gold project in Burkina Faso. Resources there are pegged at 17.4 million tonnes grading 2.07 grams gold per tonne, based on a cutoff grade of 0.5 gram.