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Colossus Minerals Inc. (TSX:CSI,OTCWX:COLUF) provided a development update for its 75% owned Serra Pelada gold-platinum-palladium Mine along with its financial results for the interim periods ended September 30, 2013. As of November 14, 2013, the Company had completed approximately 2,300 metres of total development on Serra Pelada.
As quoted in the press release:
As of November 14, 2013, the Company had completed approximately 2,300 metres of total development; 1,500 primary and 800 metres secondary development. On July 15, 2013, the Company announced that some dewatering wells (bores) and pumps were not performing to design specifications and, as a result, the Company required additional dewatering capacity in order to mine the Central Mineralized Zone (“CMZ”) in a sustainable, effective and efficient manner.
As disclosed in September 2013, several bores and pumps have been repaired and six bores are now operating. Refurbishment of three additional bores was not successful. Total dewatering capacity is currently at 790 m3 per hour. Three more bores are in the process of being refurbished. Two additional bores with a capacity of 250 m3 per hour each are being established. Installation of this equipment has been delayed due to issues of mobilizing drill rigs to site and equipment supply. It is currently expected that the first of the two new wells will be operational by early December 2013.
Results of Operations for the three months ended September 30, 2013
Net income for the three months ended September 30, 2013 was $9.8 million ($0.07 per Common Share) compared with a net loss of $14.1 million ($0.13 per Common Share) for the comparable period in 2012.
Click here to read the Colossus Minerals Inc. (TSX:CSI,OTCWX:COLUF) press release
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