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Colossus Minerals Inc.(TSX:CSI) announce the development updates from its Serra Pelada project. The Company plan to commission the second underground drill in Q2, 2012.
Colossus Minerals Inc.(TSX:CSI) announce the development updates from its Serra Pelada project. The Company plan to commission the second underground drill in Q2, 2012.
Highlights include:
- The following operational and development milestones have been reached:
- 950 metres of decline development completed; total advance of approximately 1,100 metres including secondary development.
- 350 metres of development left to reach main mineralization – on track for second half of 2012.
- Bulk sample on schedule to be extracted in second half of 2012.
- Ground conditions encountered thus far have been better than expected.
- Long lead-time items for the processing plant have been ordered and are expected on site during the third quarter of 2012.
Colossus, President & CEO, said:
We are now a year and a half into construction, and development of the Serra Pelada Project remains on schedule. We are getting closer to extracting a bulk sample and progressing well towards our goal of production in the second half of 2013 with a number of exciting milestones in 2012.” Mr. Mancuso further commented, “With $103 million in the bank at the end of 2011 our capital and exploration budgets remain fully funded to production.
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