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Thursday, 29th January 2009 (2060 views)

MDN Mines has reported that it achieved record gold production in 2008 of 211,373 ounces at its Tulawaka gold mine.

The Tanzanian property, which started gold production in 2005, produced 18 per cent more gold last year than in 2007 and the mill processed 381,789 tonnes of ore at an average grade of 18 g/t gold.

Recovery rates for 2008 were 95.5 per cent and total cash costs averaged $212 (£148) an ounce of gold, down from $271 in 2007.

The Tulawaka project has produced a total of 654,367 ounces of gold since it started operations in March 2005.

Paul Girard, MDN chairman and chief executive, commented: "This increase is particularly noteworthy given that it occurred during a year in which the mine was transformed from an open pit to underground operations."

Montreal-based miner MDN is focused on the discovery and development of new gold deposits and is currently carrying out exploration activities in the vicinity of Tulawaka and in Quebec, Canada.

 

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