Vancouver-based Timmins Gold has completed an updated mine plan and study into increasing capacity at its San Francisco mine in Mexico, the firm said on Friday.
Timmins expects to produce an average of about 100 000 oz of gold a year from 2011 to 2016, and plans to increase the crushing capacity at San Francisco to 18 000 t/d by July.
The study estimates base-case life-of-mine cash costs at $489/oz, Timmins said.
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The mine contains an estimated 780 000 oz in proven and probable mineral reserves. There are also measured and indicated resources of 984 000 oz and 208 000 in the inferred category.
"The decision to increase the capacity of the crushing system to 18 000 tonnes per day by adding one more module has been derived from a number of factors, including the successful startup of the mine, rising gold prices and the commensurate decrease in cutoff grade, and management's conviction that additional reserves will be established in and around the pit as a result of the extensive drilling program planned for 2011," president Arturo Bonillas said in a statement.
"We are confident that the base case scenario is conservative and that we will be able to achieve lower cash costs in actual operations."
Timmins declared commercial production at San Francisco on April 1, 2010.
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