New Brazilian gold mine for Troy
Posted: 21 May 2007
Australian gold producer, Troy Resources NL, says it expects to have its next major mine – the US$20 million Andorinhas mine in Brazil – in production by the end of the year.
Addressing the 2007 Paydirt Australian Gold Conference in Perth, Troy’s Chief Executive, Mr Tommy McKeith, said its 100 per cent owned Andorinhas project is expected to have cash costs of around US$250 an ounce and would be a significant contributor to the group.
“The scoping study has shown an anticipated throughout of around 220,000 tonnes per anum for an initial 50,000 ounces of gold output per year,” Mr McKeith said.
“The initial mine life is for five years but we expect drilling to significantly extend that into a long life mine of at least 10 years.
“We are confident in these assertions as this is the sixth mine we have brought into production around the world and we have the same personnel charged with its commissioning.”
The mine will be a combined open pit and underground mining operation with Troy looking to move to reserves, much of its current 430,000 high grade resource at the Brazilian project.
Its existing resources remain open down plunge and along strike and would become a future mainstay of Troy’s total annual outputs.
Posted by Richard Price, Editor, EnergyME.com
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