Pan American Goldfields (OTCQB:MXOM) announced the latest results for the last two months of operation at its 80% owned Cieneguita project, Chihuahua, Mexico.
As quoted in the press release:
Production during the eight month period averaged 540 tonnes per day with gold and silver recoveries during the same period for the bulk concentrate at Cieneguita averaging 89.8% and 90.6%, respectively. Recoveries rose in October for gold and silver to 94% and 95%, respectively. Gold equivalent production using a $1600 per ounce gold price and $30 per ounce silver price for the month of October was 1,795 ounces compared to an average of 1,287 for the preceding seven months. Assuming October’s production rate is maintained throughout 2013 the company estimates that it would impact less than 2% of the current resource.
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