STAFF WRITER, 6th February 2009 @ 02:58
THE Tulawaka Gold Mine in Kagera Region produced a record 211,373 ounces of gold for the year ended December 31, 2008, which reflects an 18 per cent rise over 2007 output."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, a change usually associated with a decrease in production" said Paul Girard, Chairman and CEO of MDN in a statement.
He said for the year 2008, the mill processed 381,789 tonnes of ore at an average grade of 18 g/t gold and at a recovery rate of 95.5 per cent.Total cash costs for the year averaged 212 US dollars to produce an ounce of gold, compared with 271 US dollars in 2007. The Tulawaka gold production now totals 654,367 ounces since the beginning of operations in March 2005.
For the year 2008, a total of 212,913 ounces of gold have been sold, entirely in the spot market, at an average price of 880 US dolars per ounce compared to an average price of 709 per ounce in 2007, for total sales of 187.4 million US dollars.
Since the beginning of operations in March 2005, a total of 646,078 ounces of gold have been sold. For the fourth quarter 2008, which represents the first quarter of full production from the underground mine, Tulawaka produced 28,565 ounces of gold.
The mill processed 102,428 tonnes of ore at an average grade of 9.3 g/t gold and at a gold recovery rate of 93.3 per cent. Total cash costs averaged US$323 to produce an ounce of gold.For this first quarter of full underground production, operations and mining of the underground gold deposits were limited by the construction of the new underground access ramp.
During the fourth quarter, 30,153 ounces of gold were sold into the spot market at an average price of US$803 for total sales of US$24.2 million.The Tulawaka project is a joint-venture between MDN (30%) and Pangea Goldfields Inc. (70 per cent), a wholly owned indirect subsidiary of Barrick Gold Corporation and project operator through its Tanzanian subsidiary Pangea Minerals Ltd.
The information disclosed on the Tulawaka Gold Mine is based on information provided by the Operator.MDN Inc. is a Montreal-based Canadian exploration company that holds a 30 stake in the Tulawaka Gold Mine (Tanzania). Its main exploration activities are carried out in Quebec through gold and base metal interests and in Tanzania through a majority interest in 35 adjacent mineral licenses.
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