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Monday, 24th October 2005 (6524 views)

Mining firm Minera Andes has announced that its feasibility study for a project in San Jose, Argentina revealed encouraging results.

Most notably the study found proven mineral reserves of 1,160,859 tonnes with an average grade of 7.7 g/t gold and 406 g/t silver in the Frea and Huevos Verdes veins.

Furthermore it predicted an average gold and silver production of 60,663 and 3,119,533 ounces per year respectively.

President of Minera Andes, Allen Ambrose, was pleased with the results of the study and believes that the project will move along smoothly.

He said: "As we advance the project the next step will be to optimize and further refine parts of the study to develop the project efficiently and for the lowest cost possible. Over the next few weeks an engineering firm will be awarded a contract for the detailed engineering and optimization work."

The report concluded that the capital needed to start up the project would exceed $60 million.

 

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