Thursday, 26th April 2007 (1987 views)

Glencairn gold, one of the largest gold producers in Central America, has announced it has started commercial production at its mine in Nicaragua.

Its Santa Pancha Deposit at the Limon Mine, which was discovered in 2002, is a "fully mechanised underground mine", extracts ore at an initial rate of 210,000 tonnes per year.

However, the company hopes expansions in the future will help to increase this rate.

Although the Limon Mine has been in production since 1941, development for the mechanised mine at the Santa Pancha deposit did not start until 2005.

"We are very pleased with the excellent work that the mining team at Limon has done in bringing Santa Pancha into commercial production," said Glencairn's president and chief executive officer Peter Tagliamonte.

He added that the company is planning to continue its exploration in the area and hopes to "expand and improve" the mineral resources and mineral reserves at Santa Pancha.

The mine managed to generate some $20 million of revenue in 2006, with earnings from mining operations at $1.9 million.

 

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