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Friday, 19th December 2008 (4095 views)

Chancery Resources has reported that it plans to start production at El Cafetal gold mine in 2009.

Unveiling its 2009 plans, the company stated that it intends to conduct a complete upgrade of the existing processing plant in order to increase production rates.

The new modern mineral recovery plant will capture more gold, reduce operating costs and minimise cash flow, according to Vancouver-based Chancery Resources.

Jeffrey Fanning, Chancery vice president of exploration, explained: "We expect El Cafetal mine to be a low-cost producer, demonstrating good profit margins. We look forward to reporting further on El Cafetal's operations in the near future."

El Cafetal gold mine covers an area of 135 hectares and is located in the historic Valparaiso gold mining district of Colombia, 120km south of Medellin on the eastern flank of the Western Cordillera Mountain range in the department of Antioquia.

In addition to El Cafetal gold mine, Chancery Resources owns the HCL property, a block of contiguous mining claims located in Merritt, British Columbia, Canada.

 

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