Farallon provides operations update
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G-9 Operating at over 1,900 tpd in March
New Daily Throughput Record of over 2,400 tpd Achieved
VANCOUVER, March 31 /CNW/ - Dick Whittington, President and CEO of Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) is pleased to announce that the G-9 operations have continued to increase throughput rates during the first quarter of 2010 and are now operating consistently at over 1,900 tonnes per day ("tpd"). Metallurgical recovery has continued to improve over the same period with zinc recovery of 84% and copper recovery of 68% in the month of March to-date(1).
<< ------------------------------------------------------------------------- Zinc Copper Conc Conc Period Throughput % of Design Zinc Copper Grade Grade (tpd) (1,500 tpd) Recovery Recovery % Zn % Cu ------------------------------------------------------------------------- Q1 2009 1,190 79% 79% 45% 52% 18% ------------------------------------------------------------------------- Q2 2009 1,260 84% 77% 55% 52% 14% ------------------------------------------------------------------------- Q3 2009 1,275 85% 79% 46% 49% 17% ------------------------------------------------------------------------- Q4 2009 1,552 103% 80% 56% 49% 15% ------------------------------------------------------------------------- Q1 2010(1) 1,672 111% 82% 60% 49% 14% ------------------------------------------------------------------------- Including Mar/10 1,910 127% 84% 68% 49% 13% ------------------------------------------------------------------------- ----------------------------------- (1) First quarter 2010 includes daily operations data for the month of March up to and including March 29, 2010. Results are subject to adjustment upon completion of the final metallurgical balance which will be announced in conjunction with the financial results for the first quarter. >>
Additionally on March 25th, the mill throughput achieved was 2,527 wet metric tonnes (2,402 dry metric tonnes), 68% over the design capacity of 1,500 tonnes per day and a new single-day record for the Company. Based on these results, the Company is re-evaluating the scope of the mill expansion project previously announced on November 16, 2010. The $5.3 million that has been committed to the project may be re-deployed to achieve greater capacity than the 2,000 tpd originally contemplated.
Farallon's President and CEO, Dick Whittington, stated "It is extremely gratifying to see the G-9 operations running well above nameplate capacity only one year after announcing commercial production. It is also encouraging that metallurgical recovery is continuing to improve, despite the high throughput rates. Achieving operational excellence is a key component of our ongoing growth strategy and it appears we are well on the way to doing so".
Farallon's G-9 zinc, copper, silver, gold and lead mine at the Campo Morado Property in Mexico reached commercial production in April 2009. The Company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year. For further details on Farallon Mining Ltd., please visit the Company's website at www.farallonmining.com or contact Neil MacRae, Investor Relations Manager, at (604) 638-2160 or within North America at 1-877-688-2050.
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No regulatory authority has approved or disapproved the information contained in this news release
Wednesday, March 31, 2010
FAN Company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year.
New Gold Announces Update Related to Sale of Amapari Mine
New Gold Announces Update Related to Sale of Amapari Mine
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(All figures are in US dollars unless otherwise stated)
VANCOUVER, March 31 /CNW/ - New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) today announces that Beadell Resources Ltd. ("Beadell") has received bids from investors to subscribe for at least A$57 million of ordinary shares of Beadell in relation to the previously-disclosed sale of New Gold's Brazilian subsidiary Mineracao Pedra Branca do Amapari Ltda. ("MPBA"), which holds the Amapari mine and other related assets. Due to increased volatility in the gold market since the initial transaction announcement in January 2010, certain terms of the transaction have been revised and New Gold expects to receive $37 million in cash and $16 million in Beadell shares as consideration for the sale of MPBA, versus $46 million in cash and $17 million in Beadell shares as previously disclosed. Under the revised terms, New Gold will hold approximately 19.9% of Beadell. New Gold's objective of receiving meaningful cash proceeds for the non-core Amapari asset is expected to be realized, subject to closing, and under the revised terms New Gold should have a greater share of Beadell equity and related participation in the future success of Amapari. Beadell is an Australian listed gold-focused company with exploration and development assets in Western Australia and Brazil.
"We are pleased that Beadell has completed the book build and, upon closing, the cash proceeds will only help to further enhance our financial flexibility," stated Randall Oliphant, Executive Chairman. "We have been successful in monetizing a non-core asset for meaningful cash proceeds and also remain keen to participate as shareholders of Beadell and look forward to the group's future success at Amapari as well as their other assets."
Beadell shareholders formally approved the equity offering and related transaction at a Shareholder Meeting held on March 12, 2010 and the transaction is expected to close by mid-April.
New Gold is an intermediate gold mining company with the Mesquite Mine in the United States, Cerro San Pedro Mine in Mexico and Peak Gold Mines in Australia. The company is expected to produce between 330,000 and 360,000 ounces of gold in 2010, growing to over 400,000 ounces in 2012. In addition, New Gold has a strong portfolio of development and exploration assets in North and South America. For further information on the company, please visit www.newgold.com.