“Production and recovery rates have been at or near the targets of 880 tons per day and 90% mill recovery since opening. In fact, we may see improvements in the forecasted recovery rate as the concentrator is fine-tuned into the new year,” he commented.
Referring to the encouraging results obtained from underground exploration in the West Zone, Keevil predicted that a production decision for this zone could be made this year.
“At that time, feed from this second mine should result in an increase in the mill rate to the range of 1,320 tons per day to produce in excess of 90,000 oz gold per year.
“In fact, gold production may be further increased in the early years, above what was previously projected, as a result of the high grade zone recently discovered and, hopefully, more zones like it.”
Discussing the company’s strengths, Keevil emphasized that Golden Knight had no debt so “cash flow from Casa Berardi will be realized immediately.” He also noted the company had sufficient working capital and equity financing to cover the extensive exploration and development programs planned in 1989.
Keevil said that Inco, Golden Knight’s joint venture partner at Casa Berardi, used a very conservative approach in calculating reserves and he added “there is the huge exploration potential of the Casa-Berardi property, at depth and along strike.”
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