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Fourth quarter update on gold operations at Pal...
Fourth quarter update on gold operations at Pal....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Fourth quarter update on gold operations at Palito and Sao Chico, declaration of commercial production at Sao Chico For immediate release 1 February 2016Serabi Gold plc(\"Serabi\" or the \"Company\")Fourth quarter update on gold operations at Palito and Sao Chico,declaration of commercial production at Sao Chico and extension of loan repayment terms Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, provides an operational update for the fourth quarter of 2015 on its wholly owned Palito and Sao Chico gold operations in the Tapajos region of Para State, Northern Brazil. HIGHLIGHTSThe final quarter of 2015 recorded 7,924 ounces of gold production, giving a year-end total of 32,629 ounces. Combined mill throughput for the fourth quarter, for both Palito and Sao Chico ore, totalled 34,848 tonnes, with 130,300 tonnes being milled for the year. Quarterly mine production totalled 33,959 tonnes, 26,953 tonnes at a grade of 8.84 grammes per tonne (g/t) from Palito and 7,006 tonnes at 9.76 g/t of gold from Sao Chico. Quarterly horizontal mine development totalled 2,968 metres, 1,960 metres completed at Palito and 729 metres at Sao Chico. A total of 9,599 metres of horizontal development was achieved for the year. The Company has declared commercial production at Sao Chico effective from 1 January 2016.Sao Chico is now being developed on the 186mRL and 156mRL levels, with production on the 199mRL and 186mRL levels. The ramp is now being deepened to the 126mRL, the next planned development level, and will continue this year to the 96mRL to accommodate underground drilling of the Sao Chico deposit extension at depth. At the end of the fourth quarter, surface stockpiles at Palito and Sao Chico totalled 16,000 tonnes at a grade of 4.7 g/t of gold.November saw the commissioning of the Gekko intensive leach reactor (\"ILR\"), which works in tandem with the Falcon gravity centrifugal concentrator. This equipment is working exclusively on the Sao Chico feed to recover gravity gold. Installation of the third ball mill is well underway and this along with the flotation circuit and carbon in pulp (\"CIP\") process circuit are on sched...