The Goldlund mine produced some 15,000 oz of gold from 1983- 1985 before it was shut down due to a combination of low bullion prices, ore grade pro blems and u nder-capitalization.
In a recent report to shareholders, Camreco said that about $3 million would be required to upgrade a mill at the site to handle some 500 tons of or e per day, and another $1.5 million would be required for working capital.
The next phase of a final feasibility study currently under way will be to review all geological data on the property’s reserves, and to determine an appropri ate mining plan.
“Whether Goldlund will go into production in the foreseeable future will depend on the final results of the study, and particularly on the price of gold, whic h has not been encouraging in the past number of months,” said President Matthew Gaasenbeek.
For the six months ended June 30, the company reported cash and term deposits totalling $1.91 million, compared with $2.81 million for the same period last ye ar. At press time Camreco shares were trading at around 20 cents .
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