Cambridge Mineral Resources Plc said on Thursday it started production at its Quintana gold
mine in Colombia on Nov. 9 and poured the first gold on Nov.
19, and its shares rose 33 percent in morning trade.
The mining exploration and production company primarily targeting precious metals in South America said it expects annual production at the mine of about 15,200 ounces of gold and 6,000 ounces of silver over a minimum five-year mine life.
It said it began commercial production at a nominal 75 tonnes of ore per day, up from an initial target of 50 tonnes. "With cash operating costs estimated to be approximately $131 per ounce of gold over the life of mine, we expect Quintana to be a low-cost producer demonstrating good profit margins," Managing Director Colin Andrew said in a statement.
Gold was set at $762 an ounce at London's afternoon fix on
Wednesday. (Reuters)
