By mid-1996, Barrick Gold (ABX-T) expects to start preparing the first stopes for production at its Meikle mine in Nevada, leading to production late in the year.
Capital costs for the new underground mine at the Goldstrike property are expected to be US$180 million.
The mine is targeted to produce more than 400,000 oz. gold annually at an average cost of US$125 per oz. Meikle contains reserves of 6.6 million oz.
gold grading 0.68 oz. gold per ton. The deposit is still open to the northwest and south, providing opportunity for reserve additions.
Exploration and development drilling will be carried out once production begins, later this year.
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