A modest profit was reported by Orvana Minerals (ORV-T) from the latest quarter of production at the Don Mario gold mine in eastern Bolivia.
The mine began commercial production at the rate of 700 tonnes per day in July of 2003.
Orvana sold 7,867 oz. gold produced in the last three months of 2003, and posted net income of $43,762 on revenues of $3.1 million for the quarter.
In the previous quarter ended Sept. 30, Orvana sold 7,924 oz. gold, but posted a loss of $59,583 on revenues of $2.9 million.
Orvana President Jaime Urjel notes that the company is continuing to fine-tune the operation. As a result of mill improvements, production climbed in January to 3,524 oz. Head grades averaged 5.89 grams in January, up from an average of 5.67 grams in the last three months of 2003. Mill recoveries rose to 90.4% from 81.3% during the same period.
Development work is continuing with the opening of additional ore faces in the lower mineralized zone, including 119 metres of ramp development.The company remains confident that access to additional stopes will lead to improved head grades over the next few months.
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