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Additional information
Additional Information
Market: AIM
Sector: General Mining - Gold
Epic: CMR
News: Latest news
Web Site: Cambridge Mineral Resources Plc
Other Articles: 20-11-200820-11-200816-09-2008

Cambridge Mineral Resources Plc

Cambridge Mineral Resources  principal focus is the exploration for, and production of precious metals in South America. The company also owns interests in gold, copper, zinc and uranium projects in Europe. The Company has a strong portfolio of mineral projects at varying stages of commercialization, supporting its strategy of providing shareholders with attractive upside opportunities.

 

 

Thursday, November 20, 2008

Cambridge Mineral starts production at Quintana gold mine, Colombia

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Cambridge Mineral Resources PLC (CMR) said it has commenced production  at  its Quintana gold mine in Colombia on November 9 with first gold being poured on November 19. It estimates Quintana will produce circa 15,200 ounces of gold and 6,000 oz of silver  per annum over a minimum five year mine life.


CMR has completed work on the 5.1 kilometre access road to the mine site, including deepening and equipping the mine, installing a modern tailings management facility, a 60 bed mine camp and  the  processing plant. The  plant  is  now  becoming  fully operational and has commenced commercial production at a nominal 75 tonnes per day, processing  daily mine  production  and  stockpiled  ore.  


CMR has a sales contract in place with CIIGSA, a long-established Colombian gold refiner, with sales prices based on the London p.m. gold price fix on  the day of delivery to the refinery. Gold dore sales will commence shortly.


CMR Managing Director Colin Andrew said: “With cash operating costs estimated to be approximately US$131 per oz gold over the life of mine, we expect Quintana  to be  a  low-cost producer demonstrating good profit margins.

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