Triton on track at Limon mine

During the first quarter of 1997, Triton Mining (TTM-T) boosted production while lowering cash costs at its Nicaraguan gold mine known as El Limon.

The company processed 88,627 tonnes grading 5.15 grams gold per tonne, recovering 11,719 oz. at a cash cost of US$253 per oz. For the same period in 1996, production totalled 8,692 oz. at a cash cost of US$362 per oz.

This year, production is expected to reach 49,800 oz. at a cash cost of US$241 per oz., climbing to 62,700 oz. in 1998 and 76,200 oz. in 1999.

As part of a 5-year mine plan, Triton has recruited mining contractor J.S.

Redpath to develop the new Santa Emilia underground mine for a 1998 startup.

An access ramp to the Ligia vein had been driven 200 metres by the end of the first quarter.

The Ligia vein system contains an estimated resource of 585,000 tonnes grading 7.04 grams. It remains open to the northeast and at depth.

While advancing the ramp, operators discovered a new vein, called Veta Michaelina. The vein has been developed along a length of 55 metres, and the grade averages 7.8 grams over a 4.4-Metre width.

Proven and probable reserves at El Limon stand at 667,000 tonnes grading 5.58 grams gold. The total resource is calculated at just under 3.1 million tonnes grading 7.06 grams.

Elsewhere, Triton is proceeding with a second phase of drilling on the Manantial Espejo gold-silver vein project, in southern Argentina. The 10,000 metres of planned drilling will be carried out concurrently with a prefeasibility study of a proposed mine capable of producing 85,000 oz.

gold-equivalent per year.

Currently, the resource is estimated at 4.5 million tonnes grading 7.7 grams gold-equivalent.

Triton can purchase an 80% interest in Manantial Espejo from an Argentine subsidiary of Barrick Gold (ABX-T) by making a final US$1.5-Million payment.