The Conversation (0)
Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) provided an update on its Brazil-based, 75-percent owned Serra Pelada gold-platinum-palladium mine, commenting that the mine is on track to begin production of 250 metric tons per day in Q3 2013.
Highlights of the press release include:
- The Company has encountered potential mineralization 30 to 40 metres ahead of the expected start of the Central Mineralized Zone (“CMZ”). Preliminary assay results indicate the potential for a lower-grade halo. Full results will be released once complete assays are received and analyzed.
- The construction team is expected to turn over the process plant to the operating team by the end of July. The total project is currently 80% complete with 95% of concrete having been poured and civil construction now in its final phases. The civil contractor is now 50% demobilized with the remaining focus on completion of the gold room. Structural steel erection is 35% complete and installation of tanks and principle equipment is well underway.
- Underground development currently totals 1,950 metres and the Company has averaged 3.1 metres per day since the beginning of April. An additional 1,750 metres of development is necessary to achieve a processing rate of 1,000 tpd by the end of the first quarter of 2014. Management plans to complete this development between August 2013 and March 2014 and is assuming conservative daily development rates of 2.5 metres per day from each of four development crews.
Click here to read the full Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) press release.
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