U.S. REPORT Castle Mountain near startup date

The Castle Mountain gold project is on schedule and on budget, with owner Viceroy Resources (TSE) anticipating startup as planned in January, 1992. It’s been a long haul for the Vancouver-based junior which overcame a number of environmental hurdles before being allowed to start construction of an open pit mine in San Bernardino Cty., Calif. The operation is targeted to produce 100,000 oz. gold annually when up to full speed. Construction work began almost three months ago and should be complete by year-end. Viceroy said close to 100 construction personnel are now on site, with this number expected to rise in the next few weeks when mechanical and electrical contractors begin work. The new access route is in full use, the company reports; fencing and water-well development are complete and crusher sites are evacuated. Concrete is being poured, the heap leach area has been cleared and some of the process buildings are under construction. The company also said stripping of the overburden in the pit area is well advanced. Viceroy recently announced that a 2-million-unit offering closed which provided it with net proceeds of $7.68 million. Some $2.6 million of this amount will be used to carry out an initial exploration program on the Castle Mountain property.