Wednesday, 12th November 2008 (319 views)

The production of gold by Vatukoula Gold Mines (VGM) has increased "considerably" since its last operational update, it has been announced.

VGM has revealed that 15,154 ounces of gold has been mined over the last three months, up from 7,321 ounces in the previous quarter.

And the company has milled 9,634 ounces of gold this quarter compared to 6,021 ounces in the preceding three months.

Chief executive officer of VGM David Paxton said that company is now on course to reach its target of producing 110,000 ounces of gold by the middle of next year.

"We are pleased to be able to report significant increases in production but also, significant improvements and progress on a number of fronts at site including boosting power supply at site," he said.

VGM is a UK mining and exploration company and as well as having interests in Fiji, the firm also owns 100 per cent of the Rio Novo Gold prospect in Brazil.

 

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