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Central Sun Mining Inc (AMEX:SMC)
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18 Jan 2006, 09:49 AM CST Rating: 
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Msg. 23 of 50
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Glencairn achieves commercial production at Bellavista
Wednesday January 18, 8:00 am ET TORONTO--(BUSINESS WIRE)--Jan. 18, 2006--Glencairn Gold Corporation (TSX:GGG - News; TSX:GGG.WT - News; AMEX:GLE - News) is pleased to announce that its Bellavista Mine in Costa Rica achieved commercial production during December, 2005, producing 4,257 oz. gold during the month and resulting in record monthly gold production for the Company of 7,844 oz. ADVERTISEMENT The final operating permits for the Bellavista Mine were obtained in December. The mine continues to ramp up to full production and is currently producing gold at approximately 85% of its 5,000-oz.-per-month rated capacity. The mine is expected to produce an average of 60,000 oz. per year over the next seven years based on current proven and probable mineral reserves. A total of 798,348 tonnes of ore grading 1.67 grams per tonne were placed on the leach pads at Bellavista in 2005. Total gold sales for the Company in 2005, including Bellavista and the Limon Mine in Nicaragua, were 43,228 oz. An additional 9,875 oz. were sold from Bellavista prior to commercial production. Proceeds from Bellavista's pre-production gold sales were capitalized, net of costs, to Property, Plant & Equipment on the Company's balance sheet. Gold sales in 2005 from the Company's Limon Mine in Nicaragua were 39,478 oz. A labour dispute that halted production for 18 days in November resulted in fourth quarter gold sales declining to 7,988 oz. compared to an average of 10,496 oz. per quarter during the first nine months of the year. Full operations resumed in December. Development of the Santa Pancha Zone at the Limon Mine is continuing. An access ramp has been driven approximately 501 metres to a vertical depth of approximately 90 metres and has accessed the zone. Material from Santa Pancha, including a small open pit at surface, has provided significant mill feed at Limon since December, 2005, and is expected to continue to provide mill feed throughout 2006. Glencairn Gold Corporation is a gold producer with two mines in Central America. The Company's recently constructed Bellavista Mine is expected to more than double the Company's annual gold output in 2006 to approximately 102,000 ounces and reduce overall cash operating costs. The Limon Mine has been in continuous production since 1941. |
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