At its annual meeting, Monarch Resources (TSE) revealed that it has already begun pouring gold at the Camorra mine in Venezuela’s El Dorado region.
The mine, which has probable reserves of more than 400,000 oz., is scheduled to produce 81,000 oz. gold annually at US$125 per oz. Monarch intends to augment reserves at the operation, where, over the next year, a drill program will be carried out in an effort to test the 300-metre strike length of the oreshoot to a depth of 500 metres.
Nearby, in El Callao, Venezuela, Monarch operates the Revemin gold mill, where production and profits reached record levels for the first half of 1992. Mill feed is supplied from Monarch’s Canaima and Bochinche concessions, east of El Callao.
As the open-pit reserves of the Bochincha and Canaima concessions are depleted, new reserves are being developed at the Tigrito concession. A short drill program has outlined a resource that is expected to be mined in the very near future. Additional drilling is planned.
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