Tuesday, 31st August 2004 (4293 views)

High River Gold Mines Ltd. has announced plans to relocate a newly acquired processing mill and related assets in Nevada to its Berezitovy gold project in Russia.

The company bought a processing mill, ore crusher and conveyor system in from Denver-based Newmont Mining Corp., the world's biggest producer of gold, for an undisclosed sum.

The deal is expected to speed up the timely completion of the Russian gold project, under development in the Amur region of southern Siberia.

The plant and equipment is high-quality, in excellent condition and has obviously been very well-maintained by Newmont," said Daniel Vanin, High River's executive vice-president and chief operating officer.

"In addition to the capital cost savings envisioned, this purchase reduces the design requirement for the project and enables development activity to begin shortly."

Built in 1988 the Nevada mill operated for ten years at an average processing rate of 6,000 tonnes of gold-bearing ore per day. The Berezitovy project is estimated to operate at 4,800 tonnes a day to produce about 100,000 ounces of gold a year over a nine-year period.

Production is scheduled to begin late next year.

 

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