Archipelago produces 32,189 oz of gold in Q1
Wednesday, April 25 2012 - 02:45 AM WIB
London listed mining company Archipelago Resources Plc reported that its inaugural production result reached 32,189 oz of gold equivalent from its Toka Tindung mine in North Sulawesi in the first quarter ended on March 31.
The company said that the total ore processed in the first quarter are 427,859 tons.
?The production results are in line with our expectations for the year to date. In this regard and relative to the head grade achieved for the quarter, our 2012 mine plan continues to indicate the delivery of higher grade ore to the mill as the year progresses; in particular from the Pajajaran pit,? the company said in the quarter report.
?Now that we are moving out of the rainy season, the mining rates are already showing a marked increase and the company is confident in reiterating its 2012 full year production guidance of 135,000 to 145,000 Au Eq oz at a cash cost of $540 to $590 per oz,? it said.
Editing by Adianto P. Simamora