Centamin Egypt (TSX: T.CEE, Stock Forum) announced Friday that it has started mining operations at the Sukari Gold Project in Egypt.
Blasting operations have begun with ore to be stockpiled ahead of the scheduled completion of the process plant in the second quarter of 2009, says the company. First gold production is also expected during the second quarter of 2009.
“The commencement of mining operations is a significant milestone for Centamin and for Egypt. Centamin is developing the first large scale modern gold mine in Egypt on an owner-operator basis,” says Centamin.
Mining has started with an initial fleet of five CAT 785C Dump Trucks and a O&K RH120E excavator, says the company, adding that a further delivery of five CAT 785C Dump Trucks and a second O&K RH120E excavator is scheduled for February in order to “advance development activities throughout 2009.”
“The Sukari Gold Project will be Egypt's first modern gold mine and has a current resource of 9.39Moz Measured and Indicated and 3.5Moz Inferred. Ore will be hauled to the run of mine pad next to the Processing Plant and either direct tipped to the crusher or stockpiled for future reclaim at an initial throughput rate of 4M tonnes per annum,” says Centamin.
On the Centamin Bullboard Friday, jerryb1 said: “Home run -Production at $ 900 plus -A low cost producer and at a time gold is the safe haven[sic].”
Shares of Centamin climbed 5.6% to 94 cents Friday.
