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Thursday, 20th May 2004 (4569 views)

Canadian mining firm Yamana Resources has announced plans to open a new mine in Brazil.<BR/><BR/>The firm hopes that this will boost annual gold output by 40 per cent and plans to expand reserves and production further.<BR/><BR/>Evandro Cintra, exploration and technical services director of the company's Brazilian subsidiary Yamana Desenvolvimento Mineral told Reuters: "Our Fazenda Nova mine in Goias state is under construction and will start up in August 2004 to produce 40,000 ounces of gold (per year).<BR/><BR/>"This (project) should have a nine-year mine life, producing 90,000 ounces per year of gold on a $25-30 million investment," he added.<BR/><BR/>The company also plans a study on the Sao Francisco gold project in Mato Grosso and is hoping for a decision in September.<BR/><BR/>At present Yamana produces 100,000 ounces of gold each year in the Brazilian state of Bahia.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=2663704"/>

 

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