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Wednesday, 21st January 2009 (1288 views)

Minera IRL has reported that its Corihuarmi gold mine in Peru produced much higher levels of gold during the fourth quarter of 2008 and the full-year than expected.

The mine produced 12,407 ounces of gold over the last three months of the year and 51,691 ounces during 2008, 72 per cent and 40 per cent higher than targeted.

According to Minera, higher than anticipated gold production levels pushed operating costs down for the fourth quarter of the year by 37 per cent.

Courtney Chamberlain, the company's executive chairman, commented: "Most of the ore mined during the year was from the Diana pit … grade has continued to exceed expectations, resulting in significantly higher gold production than predicted in the feasibility study."

Mining has commenced at the Susan ore zone at the Corihuarmi gold mine and the firm has stated that initial grades appear to be higher than original resource estimates have predicted.

Minera IRL is a South American focused mineral exploration and development company that started production at its flagship Corihuarmi gold mine in March 2008.

 

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