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Friday, 2nd September 2005 (4303 views)

High River Gold Mines has now completed its merger with Jilbey Gold Exploration, which cements its position in the gold mines of Burkina Faso.

The acquisition will entitle Jilbey shareholders to three quarters of a share in High River for each of their Jilbey shares.

High River is currently undertaking an exploration project on its Bissa property, which involves core, reverse circulation and reverse air blast drilling. It is hoped that a revised resource estimate can be ascertained by the end of the year.

In addition to its properties in Burkina Faso, High River has the Berezitovy project in Russia, which it expects to produce 100,000 ounces of gold annually when it starts production next year.

By 2007 High River could become a mid-tier gold producer with an output of over 300,000 ounces due to the commencement of mining on the Berezitovy project and the Taparko-Bouroum project in Burkina Faso as well as OJSC Buryatzoloto's gold production, of which it owns 84 per cent.

Burkina Faso is mined for many metals including gold, manganese, dolomite, lead, bauxite and silver. The country has a population of around 13.5 million.

 

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