Tuesday, 9th November 2004 (2468 views)

Canada's Rio Narcea Gold Mines has released its third quarter financial results, reporting revenues of $19.2 million.

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.

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.

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.

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.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.