Golden Star Achieves Commercial Production at Prestea Underground
Golden Star Resources (NYSE American: GSS;TSX: GSC; GSE: GSR) has achieved commercial production at its PresteaUnderground Gold Mine in Ghana. Output will ramp up during 2018. TheWest Reef ore body has proven and probable mineral reserves of 1.09 milliontonnes of gold at 13.93 grams per tonne of gold, the company says. Explorationdrilling is occurring with the goal of upping the annual production rate andextending the mine life. Full-year 2018 production guidance for thePrestea complex, including Prestea Underground and the Prestea open pits, is93,000 to 113,000 ounces of gold at a cash operating cost perounce of $740 to $880. "Achieving commercial production atPrestea Underground is an important milestone in Golden Star's transformationinto a high-grade, margin-focused gold producer,” says Sam Coetzer, presidentand chief executive officer. “It is also a significant historical momentfor the Prestea community as it has been over 15 years since the mine waspreviously in commercial production.”
By Allen Sykoraof Kitco News; asykora@kitco.com
OceanaGold: 2018 Guidance Down From Record2017 Gold Output
Thursday February 1, 2018 09:31
OceanaGold Corp. (TSX, ASX: OGC) looks forconsolidated gold production to ease in 2018 to between 480,000 and 530,000ounces, with all-in sustaining costs in a range of $725 to $775 an ounce.Copper output is seen between 15,000 and 16,000 tonnes. The company last monthreported 2017 record gold output of 574,606 ounces, along with copperproduction of 18,351 tonnes. At Didipio, 2018 production is expected to belower mainly due to treating an increased proportion of lower-grade stockpilematerial while ramping up the higher-grade production from the newly developedunderground mine. The company says it expects an increased proportion ofhigher-grade mill feed to come from underground in 2019 and beyond. Waihioutput is seen falling due to the mining sequence as operations move intolower-grade areas. “After a strong finish to 2017, the Haile Gold Mine isexpected to increase gold production by 20% to 25% year-on-year with higherthroughput rates,” says Mick Wilkes, president and chief executive officer. “Wealso expect a solid year at Macraes with a 20% increase in production fromhigher grades at Coronation North. After the strong performance from Didipiolast year, we see 2018 as a year of transition for the asset through the steadyramp-up of mining rates from panel one in the underground and continueddevelopment of panel two, while at Waihi, our focus is to further advance anddefine our expansion plans for the operation which should deliver significantbenefits to our communities and create value for our shareholders.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.