Wednesday, 30th January 2008 (2771 views)

Gold production at Sierra Mineral's Cerro Colorado property in Mexico is estimated to have reached 17,400 ounces at the end of 2007, an increase of 24 per cent on the previous year, the company has announced.

Production for the last quarter of 2007 was put at 3,900 gold ounces, up 18 per cent from the same period in 2006.

The Cerro Colorado mine is located in Sonora State, approximately 87 miles from the US border. Production started there in 2004.

After mining over 15,000 ounces of gold in the 12 months to March 2006, a $1.5 million (£753,000) expansion and upgrade programme was initiated to bring its production up to 30,000 ounces per annum by 2008. The mine hosts an estimated 192,000 ounces of gold.

Sierra Minerals, which is based in Canada, owns a total of 30,000 hectares of concessions around Cerro Colorado and its environs.

 

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