Tuesday, 1st November 2005 (5313 views)

Mining firm Glamis Gold Limited has announced the start of its new Marlin Mine venture in Guatemala.

The announcement comes after the discovery of a large amount of gold mineralisation at the Guatemalan Cerro Blanco project.

The firm expects the Marlin Mine's production for the quarter to come in at 20,000 ounces of gold.

President and chief executive officer at Glamis, Kevin McArthur, said: "We have now inaugurated two remarkable mines in a twelve month period - both of which will be significant low cost producers for many years. Glamis continues to exhibit the best growth profile in the sector."

It has been an excellent quarter for Glamis. Along with the construction of the new mines, the company produced 90,535 ounces of gold at an operational expense of $233 per ounce.

Furthermore, it generated a cash flow of $14.8 million compared to last year's $8.1 million.

 

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