Gold City is one of at least six public and more than 200 private companies responsible for churning out 160,000 oz of placer gold in the Yukon last year. In 1988, the Alberta company contributed 5,500 oz to that amount.
“Despite variable spring weather, the Quartz and Ruby Creek projects are performing better than projected,” said President Paul White who expects the operation to produce 2,500 raw oz gold per month or 10,000 oz for the year.
By forward selling half of 1989 production at $485(C) per oz and combining reduced mining costs with improved ore grades, Gold City expects to turn a profit this year. At press time, gold was selling at around $440 per oz.
From now until the season ends in early October, the company is aiming for a 90% recovery rate and an improvement in sluicing efficiency, according to White. With a projected mine life of about 20 years, he is looking for a joint venture partner to help finance a major expansion program in 1990.
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