With its principal shaft now complete from surface to the main haulage level, Rea Gold (REO-T) has finished about 95% of the construction at its Bissett gold mine in eastern Manitoba.
The former gold producer, which is scheduled to reach full production in early 1998, is expected to have an annual production rate of 80,000 oz. and cash production costs below US$250 per oz. Rea started commissioning the mill in the first week of June and now expects to have the process completed by the middle of July.
Operating costs at the company’s San Gregorio gold mine in northern Uruguay are projected to be below US$200, and the mine should be in full production in September.
Since February, when the mine entered production, Rea has poured a total of 16,225 oz. gold.
Rea has deferred a production decision on its Centennial pit at the Mt.
Hamilton deposit in Nevada, though production from the Seligman pit continues. Startup at Centennial will wait at least until Bissett and San Gregorio are producing at commercial levels, and may be delayed further if the gold price does not improve.
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