Mining News
Vatukoula Gold Mines (LON:VGM) (VGM LN, 41.0p, up 2.5%) announced its unaudited preliminary operational results from its 100% owned Vatukoula Gold Mine in Fiji for the first quarter ended 30th November 2011. Gold produced increased by 47% to 15,684 ounces (Q4 2011: 10,670), and Underground grade delivered to the mill increased by 32% to 5.66 grams of gold per tonne (Q4 2011: 4.29 grams of gold per tonne). Mine profit for the period of £1.7 (unaudited) an increase of £1.5 million compared to Q4 2011 (£0.2M).
Marenica Energy Limited (MEY ASX, 41.0p, up 2.5%) announced that an independent metallurgical evaluation of the Marenica project has shown high potential to significantly upgrade the uranium plant feed grades by sizing and separation. This upgrade potential effectively dismisses heap leaching as a process option with the preferred process option now being tank leaching of the beneficiation product. The company will embark on a focussed programme of in-country metallurgical testwork during 2012 to further test and seek to further improve the upgrade potential. The programme is to be overseen by a steering committee of independent industry experts and Marenica personnel, the outcomes from which aim to increase plant feed grades and reduce plant feed tonnes, thereby lowering capital and operating costs. Success of the programme may also result in lower cut-off grades being applicable, further enhancing the resource.
