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Wednesday, 28th November 2007 (2686 views)

The Pine Cove gold mine project located in the eastern Canadian province of Newfoundland is nearing completion, according to Anaconda Mining.

The company expects that the site will be ready for production in the first quarter of 2008, processing around 500 tonnes per day.

During the months of October, construction on the site's mill was completed, with crushing equipment and processing items now onsite.

In addition, an access road constructed on the site this autumn is now in use, with plans to bring it to final grade in January.

Currently, a power line is being cut and surveyed by Newfoundland and Labrador Hydro, with full power set to be operational by the end of January.

"We are very excited in advancing this project to production in such a short time period," said Lew Lawrick, Anaconda Mining's chairman and chief executive officer.

According to the company, the site, which is located on Newfoundland's Baie Verte Peninsula, contains a probable mineral reserve of 2.3 million ounces of gold with an average grade of 2.76 grams of gold per tonne.

 

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