Avion begins work at Mali project
Font size:
Toronto-based Avion Resources has put a team on the ground at its newly-acquired Tabakoto mine, in Mali, and plans to award a tender for a 15 000 m drilling programme this week, the firm said on Tuesday.
Avion said in March that it hoped to be producing gold in Mali by the end of next year, after agreeing to buy the mothballed Tabakoto gold mine from fellow Canadian Nevsun Resources.
Nevsun began production at Tabakoto in June 2006, but failed to turn a profit at the mine, and finally placed it on care and maintenance last year, to allow the company to focus on its lucrative Bisha project, in Eritrea.
Avion has begun an optimisation review of the mine and expects the drilling programme to get under way in June, the firm said on Tuesday.
A review of the existing data had indicated that there were “numerous high quality drill targets and areas where drilling can add to the confidence level of a new Tabakoto reserve statement”.
The company expects to complete an updated reserve estimate at the end of this year, or early 2009, and will then go on to develop a new mine plan and updated feasibility study.
Avion announced in March that it would pay $20-million plus a 1% net smelter royalty on future production for an 80% stake Tabakoto, the nearby Segala deposit and surrounding exploration properties.
The balance is owned by the government of Mali.
Avion said in March that it hoped to be producing gold in Mali by the end of next year, after agreeing to buy the mothballed Tabakoto gold mine from fellow Canadian Nevsun Resources.
Nevsun began production at Tabakoto in June 2006, but failed to turn a profit at the mine, and finally placed it on care and maintenance last year, to allow the company to focus on its lucrative Bisha project, in Eritrea.
Avion has begun an optimisation review of the mine and expects the drilling programme to get under way in June, the firm said on Tuesday.
A review of the existing data had indicated that there were “numerous high quality drill targets and areas where drilling can add to the confidence level of a new Tabakoto reserve statement”.
The company expects to complete an updated reserve estimate at the end of this year, or early 2009, and will then go on to develop a new mine plan and updated feasibility study.
Avion announced in March that it would pay $20-million plus a 1% net smelter royalty on future production for an 80% stake Tabakoto, the nearby Segala deposit and surrounding exploration properties.
The balance is owned by the government of Mali.
Editor: Liezel Hill
Facebook
Google
del.icio.us
Digg
AskJeeves
Windows LiveMore from Business
Sunridge Gold Files Emba Derho Technical Report
VANCOUVER, BRITISH COLUMBIA, Oct 31, 2008 (MARKET WIRE via COMTEX) ----Sunridge Gold Corp. (TSX VENTURE: SGC) (the "Company") has filed the Technical Report supporting the ...
Time frame set for establishing Africa's biggest free market
This week's Tripartite Summit held in Uganda agreed on a Council of Ministers to be convened within twelve months to determine the time frame for ...
NAIROBI (Reuters) - Eritrea has signed two deals to explore for crude off the Red Sea state's coastline, local media said on Saturday. Asmara ...
Australian agricultural scientists are helping the small African nation of Eritrea become self-sufficient in food production.Since 2005, the Department of Primary Industries' Agricultural Institute at ...
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 19, 2008) - Sanu Resources Ltd. ("Sanu") (TSX VENTURE:SNU) is pleased to announce the discovery of a new gold and ...
Sold! Homes Are Selling in the Current Real Estate Market
The Real Estate Book Helps Its Advertisers Over the Hurdles of the Current Housing Market, Releases A Program to Share The Positive News on Homes ...
No doubt about it, Europe definitely has it worse than the United States. In fact, even with gas prices at $4, the United States ranks 108 out of 155 countries for the cheapest gas. Eritrea has it the worst at $9.58, and Venezuela’s got it the easiest thanks to its state oil company (we know it as Citgo), paying just 12 cents a gallon. ...
Toronto-based Avion Resources has put a team on the ground at its newly-acquired Tabakoto mine, in Mali, and plans to award a tender for a ...
Ambassador calls on Kuwaiti investors to make good use of available investment opportunities and prospects
Asmara, 27 May 2008 - The Eritrean Ambassador to Kuwait, Mr. Mahmuod Omar Churum, called on Kuwaiti investors to make good use of the available ...
Purchasing a Home
Buying a home is a rewarding experience. You derive a great deal of personal satisfaction from owning a home. Home ownership allows you to build ...
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2008) - Sanu Resources Ltd. ("Sanu") (TSX VENTURE:SNU) is pleased to announce that it has intersected a new volcanic ...
Eritrea considers 5 more foreign mining licences
Eritrea will decide thisyear on five more applications for mining exploration licences from companiesin South Africa, Canada and China, the energy and mines minister said ...
Eritrea will decide this year on five more applications for mining exploration licences from companies in South Africa, Canada and China, the energy and mines ...
Vancouver-based Nevsun Resources is making progress at its Bisha project, in Eritrea, with first output expected in 2010, the company reported on Thursday.The project is ...
Nevsun Resources says Bisha mining project will cost US$246 million
VANCOUVER - Nevsun Resources Ltd., (TSX:NSU) says the Bisha copper, zinc, gold and silver project in Eritrea will have a pre-production capital cost of US$246 ...
Rate this article
Post your comment