UPDATE 1-Crocodile Gold to start production at Australian mill
* Says to start production at Union Reefs mill on Tuesday
* Says on track to meet FY '10 and '11 production outlook
* Starts excavation at new Cosmo mine ahead of schedule
May 31 (Reuters) - Canada's Crocodile Gold Corp (CRK.TO) said commercial production at its Union Reefs mill in Australia will begin on Tuesday, as target throughput, grades and recoveries are now being met on a consistent basis.
Crocodile Gold, whose mines are located in the Northern Territory of Australia, has also commenced the portal excavation ahead of schedule at its new Cosmo underground mine, with production expected to begin in mid-2011.
"Due to its higher grade, production from Cosmo is expected to assist in lowering the company's overall operating costs," Crocodile Gold said in a statement.
The company added it remained on track to produce 100,000 ounces of gold in 2010, increasing to 200,000 ounces in 2011.
Shares of the company closed at C$1.33 Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Aradhana Aravindan)
- Deadly gun attack in eastern Ukraine shakes fragile Easter truce |
- Japan expands army footprint for first time in 40 years, risks angering China
- Prosecutors extend Korea ferry captain's detention as death toll mounts |
- South Korea recovers first bodies from inside sunken ferry
- South Korea recovers first bodies from inside sunken ferry |