MDM news at SabodalaMineral Deposits on target for 160,000 oz Au to Dec. 31
2009-10-13 03:10 ET - News Release
Mr. Jeff Williams reports
MINERAL DEPOSITS LIMITED: SEPTEMBER QUARTER GOLD PRODUCTION
Mineral Deposits Ltd.'s Sabodala gold operation in Senegal produced 54,260 ounces of gold during the September quarter, continuing the strong performance of the mine since its commissioning in March this year, which included 58,943 ounces in the June quarter.
Gross cash operating costs of Sabodala for the September quarter were $382 (U.S.) per ounce, excluding royalties and $412 (U.S.) per ounce, including royalties, compared with $350 (U.S.) per ounce and $373 (U.S.) per ounce respectively in the June quarter.
Mill throughput for the quarter was 498,867 tonnes at a head grade of 3.66 grams per tonne (g/t) gold, with recovery at 92.2 per cent. Electrical faults late August/early September (which were rectified mid-September), as well as SAG mill chute blockages (predominantly caused by the feeding of wet oxide ore -- a function of the heavier-than-usual wet season that is drawing to a close), curtailed production during the quarter.
Nic Limb, MDL's executive chairman, said: "We are delighted with how the mine has performed since its commencement in March this year. We remain confident that we will achieve production guidance of approximately 160,000 ounces by the end of this calendar year."
The September quarterly report, detailing all activities for the period, will be released later in the month.