Junior gold producer, Ascot Mining (Plus ASMP, FSE: AM3) confirmed this morning that it had produced its first gold dore bar at the Chassoul Mine in Costa Rica. Mining operations and the mill circuit are now “fully operational” at Chassoul, with the first 10 ounce gold dore bar produced after the completion a successful primary test-run of the entire ore processing circuit . A larger 100 ounce gold pour is scheduled to occur before Christmas.
Ascot intents to follow the 100 ounce pour up with 380 ounces in January after which larger and regular pours will occur as production moves towards 150 tonnes per day, which is expected to produce around 2,300 ounces per month.
David Jackson, Ascot's CEO stated: "Having achieved this milestone Ascot Mining has transitioned from its development stage to that of a producer". "We intend to aggressively expand operations at our existing properties, seek additional acquisitions and establish an exploration division during 2010" The Company remains confident it will meet its target production of 28,850 ounces of gold within the 12 months to 30 September 2010 from its Chassoul, Tres Hermanos and El Recio projects.
In November Jackson subscribed for approximately 207,000 shares in a larger placing of 519,763 shares at US$0.75 per share, which brought in approximately US$390,000 for the company. Andrew von Kursell, Chief Operating Officer subscribed for 107,163 shares while Michael Green, a director, took up 13,046 shares. The additional funds raised were earmarked to increase the size of the mining operations at Chassoul, and to step up its ability to truck ore from the nearby Tres Hermanos and El Recio projects to the milling operations at Chassoul.
Additional gold production from the nearby Tres Hermanos and El Recio concessions is expected to commence in Q1, 2010.