Tuesday, 26th October 2004 (3137 views)

Canadian mining firm Red Back Mining has announced it has decided to push forward with a gold project in Western Africa.

The $61.6 million US Chirano Gold project will be financed using equity financing and debt that was arranged earlier in the year.

According to Canadian Press, construction at the site in Ghana is already well underway and gold production is set to begin in the late third quarter in 2005.

It is hoped Chirano will produce around 145,000 ounces of gold each year in the first three years of full production.

In addition, Red Back claims production will reach full capacity by early 2006.

 

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