During the first quarter of this year Rea Gold (TSE) achieved a profit of $369,095, or 1 cents per share, compared with a loss of $86,328 for the same period last year.
The first quarter earnings are directly attributable to the company’s Mount Hamilton gold mine in Nevada, which reached commercial production in February. At March end, Rea had produced 7,906 oz. gold at an average operating cost of US$190 per oz. For the month of March alone, the open-pit, heap-leach operation produced 3,883 oz. gold.
Minable reserves stand at slightly more than 9 million tons averaging 0.052 oz. gold and 0.38 oz. silver. Annual production of 54,500 oz. gold and 141,000 oz. silver is projected over a mine life of 7.5 years.
Rea is currently conducting a US$1 million exploration program to expand the reserve base of its open-pit deposits.
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