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Tuesday, 9th November 2004 (4143 views)

Canada's Rio Narcea Gold Mines has released its third quarter financial results, reporting revenues of $19.2 million.<BR/><BR/>During the period ending September 30, the company also experienced cash flows from operating activities of $4.6 million and gold production of 24,866 ounces.<BR/><BR/>As a result of such positive results, the company has cut its predicted operating costs and increased its gold production estimates for 2004 to around 120,000 ounces.<BR/><BR/>During July and August, open pit mining was completed at the Caolinas satellite pit, infill-drilling programmes continued at the North Black Skarn site and mining at the Carles mine is progressing in line with schedule.<BR/><BR/>In addition, work on the Salave gold project is now 50 per cent complete and although drilling is continuing, results so far have been encouraging.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7018986"/>

 

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