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Monday, 1st December 2008 (698 views)

Lappland Goldminers has reported that its Ersmarksberget gold mine in Blaiken is due to start production.

The company has secured SEK30 million financing solution in the form of a loan and public funds for the project and has welcomed the "help we have received from the municipalities" of Lycksele, Sorsele and Storuman.

Karl-Ake Johansson, Lappland Goldminers chief executive, said: "The financial solution means that Lappland Goldminers during 2009 will be a profitable company."

Production from the Ersmarksberget gold mine is forecast to reach around 30,000 ounces of gold in 2009, delivering a net profit of at least SEK40 million.

Listed on First North and the Norwegian OTC list, Lappland Goldminers is an exploration company and a producing mining company with centrally located processing plants in Faboliden and Blaiken, Sweden, the Haveri area in southern Finland and Pahtavaara in northern Finland.

 

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