http://money.ninemsn.com.au/article.aspx?id=8172968
Study confirms viability of Cortona mine
30/11/2010 1:27:01 PM
Aspiring gold producer Cortona Resources Ltd says a study has confirmed the viability of the first phase of its Dargues Reef underground project.
The company said it would target ore production at 330,000 tonnes per annum from the New South Wales site, with gold production at 50,000 ounces each year.
Production is expected to begin in 2012 with output of about 249,000 ounces of gold and 73,000 ounces of silver during a six-year period.
Cash costs are expected to be $A628 dollars per ounce.
"The feasibility study is a very robust document which paves the way for the development of a highly efficient underground mining operation at Dargues Reef," said Cortona managing director Peter van der Borgh.
Shares in the company fell after the announcement was made, and at 1313 AEDT were trading off 2.5 cents, or 12.5 per cent, at 17.5 cents.
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