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Tuesday, 18th May 2004 (4728 views)

Guinor Gold Corporation has announced plans to produce 75,000 ounces of gold in 2004.<BR/><BR/>The new target is actually 19 per cent less than in 2003 and is a move to balance exploration costs at the company.<BR/><BR/>Guinor told News Today: "Exploration drilling continues to identify further resources and reserves. Production will be slightly higher in the beginning, and will then begin tailing off.<BR/><BR/>"But you always drill up reserves as you go...so that will prolong the mine life and provide economic support."<BR/><BR/>According to the firm it is on track to produce over 350,000 ounces a year once its Guinea mining operations are expanded in a few years and plans to transfer "a substantial percentage of resources into reserves in the third quarter of 2004".<BR/><BR/>The Norwegian company's main asset is an 85 per cent interest in Lero gold mines in West Africa.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=2649049"/>

 

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