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Monday, 25th June 2007 (5315 views)

An economic study on Cambridge Mineral Resources' (CMR) Quintana gold project has suggested the technical and commercial viability of underground mining at the mine, it has been announced.

Furthermore, the study has implied the feasibility of the construction of a new processing plant at Quintana.

According to CMR, the pre-tax annual profits of the mine are predicted to be at $5 million (£2.5 million) per annum.

"The study has confirmed the excellent economic parameters of the Quintana mine which we expect to be a major profit contributor to CMR over a long period," commented CMR managing director Colin Andrew.

Mr Andrew added that CMR is advancing funding decisions and intends to bring forward a production decision over the coming year.

CMR claims that the planned annual production from Quintana will rise to 15,500 ounces of gold within 36 months.

Quintana Mine is located in central Colombia's primary gold mining district, exploiting a mesothermal auriferous quartz vein with minor sulphides and free gold.

 

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