GEORGETOWN, Guyana -- Sandspring Resources Ltd, another Canadian gold mining company operating in Guyana, has announced its intention to join in large scale gold production by the year 2013.
The Guyana Chronicle reported that the company made the announcement when disclosing significant increases in the quantities of gold discovered during exploration in the Toroparu, Upper Puruni area, of Region Seven (Cuyuni/Mazaruni), over the past seven months.
Sandspring's mineral resources update for its Toroparu Project from September
2010 shows a 32 percent increase in measured and indicated mineable gold and 40 percent in potentially mineable deposits at Toroparu, a release said.
The actual figures said measured and indicated mineable of 4.93 million ounces, up from September 2010, when measured and indicated were 2.64 million ounces and potentially mineable 3.42 million ounces.
President of Sandspring Abraham Drosi said the preliminary economic assessment gives the company impetus towards a large scale mining permit and first four years of production of 310,000 ounces of gold and 29 million pounds of copper, at an average cash cost of US$317 per ounce of gold.
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