Monday, 18th August 2008 (378 views)

There have been increases in grade and tonnage at the Bibiani gold mine in Ghana, Central African Gold (CAG) has announced.

The company claims in July underground production increased to approximately 33,500 tpm grading at 2.6 g/t Au.

During the past three months the group states it has recorded $1.7 million (£910,000) in operating profit.

It has also revealed that underground drilling and sampling has returned positive orebody grades and widths as good as or better than expected.

The company has also tackled problems with its fleets by bringing in three new trucks. Two new Caterpillar R1700D loaders are also expected to be on site by the autumn.

Commenting on the results, CAG's chief executive officer Greg Hunter said: "We are emerging from a difficult period wiser, more resilient and firm in our convictions that Bibiani has the makings of a solid, cash-flow generative asset."

CAG was set up in London in 2003 to identify, acquire and develop projects in the natural resource sector.

 

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