The Laiva mine produced 90 kilos of gold during May 2012
(Thomson Reuters ONE) -
Press release June 11, 2012
During May 2012 a total of 90 kilos of gold were produced in the Laiva mine
corresponding to 3 kilos of gold per day. The aim to reach a production level of
five kilos of gold per day during the summer 2012 remains.
During the first five months of the year, 310 kilos of gold were produced at the
Laiva mine in Finland. The production has been distributed over the months in
the following manner: January 32 kilos, February 30 kilos, March 68 kilos, April
90 kilos and May 90 kilos.
In June 2012 the production in the processing plant will be halted for
approximately two days in order to perform planned maintenance. In connection to
this a number of components will be replaced which is expected to result in both
a higher throughput in the mills and a higher availability in the processing
plant.
During the upcoming months the share of ore emanating directly from the mine
will gradually increase with the objective to produce solely using ore supply
directly from the mine. Given that the ore coming directly from the mine
contains a lower portion of waste dilution and thus has a higher gold content
than the shallow ore that was mined and stored before the gold production was
commenced it is expected that this will lead to a higher gold output.
The positive trend so far this year coupled with a lower portion of waste
dilution in the ore and the changes in the processing plant that are now
implemented, implies that the Laiva Mine has a good possibility to reach a
production level of 5 kilos of gold per day or 150 kilos of gold per month by
the summer 2012, which is the target that has been previously communicated. This
level of production will mean that Nordic Mines will be able to cover all
operational- and maintenance costs and the financial obligations that the
company has including interest rates and amortizations.
When the production level has reached 5 kilos the target will be raised to the
capacity that the plant was designed for of up to 10 kilos per day. In the ore
calculation which was published May 8, 2012 the expected lifetime of the Laiva
Mine was increased by two years. The ore calculation is based on a lower average
gold content which means that the average production over the lifetime of the
mine will amount to approximately 8 kilos of gold per day.
For additional information, please contact:
Michael Nilsson, CEO, +46 18 84 345 01
For additional information about Nordic Mines, please visit; www.nordicmines.se
Uppsala, June 11, 2012
Nordic Mines AB (publ)
The information above has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
published at 08.00 on June 11, 2012.
Nordic Mines is a Nordic mining and exploration company whose goal is to be one
of the leading gold producers in Europe and a role model in respecting the
environment. The company started mining gold in the Laiva mine in Finland in
summer 2011. These gold deposits are among the largest in the Nordic region.
Exploration is in progress in Finland and Sweden. Nordic Mines has 86 employees
and its head office is in Uppsala. The Nordic Mines share is traded on the
Nasdaq OMX Mid Cap list in Stockholm.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nordic Mines AB via Thomson Reuters ONE
[HUG#1618610]
Unternehmensinformation / Kurzprofil:
Datum: 11.06.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 154870
Anzahl Zeichen: 4096
contact information:
Town:
Uppsala
Kategorie:
Business News
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