Mine exceeds targets

Partners High River Gold Mines (HRG-T) and TVX Gold (TVX-T) expect that 1998 production from the New Britannia gold mine will exceed the target of 92,500 oz.

The companies each own half of the underground mine, situated in Manitoba’s Snow Lake camp, with TVX as the operator.

New Britannia produced 25,825 oz. gold in the quarter ended Sept. 30, while total production for the first nine months of this year was 73,855 oz. — 8.3% above target. Reserves at the beginning of the year stood at 551,293 tonnes grading 4.58 grams gold per tonne.

Cash costs per ounce were US$230 in the latest quarter and US$240 in the 9-month period, compared with $261 and $277 in the corresponding periods of 1997. For the full year, the partners expect to better the revised target of US$240 per oz.

Exploration is continuing in an attempt to replace mined reserves. Drilling at the 3,000-ft. level is testing the extension of the Ruttan ore zone and the depth extension of the Dick zone to about the 3,500-ft. level. By year-end, the partners hope to have 1 million tonnes of developed reserves, representing 18 months of mining.