Monday, 8th October 2007 (1439 views)

Gemini Explorations has announced a detailed budget for the redevelopment and modernisation of the Los Chorros gold mining property in Medellin, Columbia.

A detailed project cost analysis report estimated that the total cost of the project, including a contingency factor of 30 per cent, would be about $774,700 (£380,450) if the mine operated at a production rate of 100 tonnes per day.

The report included personnel costs, mining and geological exploration costs and direct operating costs, as well as financing associated with transport vehicles and waste disposal on the site.

Gemini Explorations believes that the Los Chorros property, which has been found to produce vein gold structure values up to 190 grams per tonne, could be modernised from its present state to become a highly productive operation with relatively low start-up costs.

Currently, the property is being mined with outdated equipment, but Gemini believes that it could have a potential production rate of $7.3 million in its first year of operations after its redevelopment.

 

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