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Wednesday, 23rd March 2005 (5044 views)

Canadian miner RNC Gold has revealed it is to purchase a new gold mine in Panama.<br/><br/>The firm already has two gold producing mines in Nicaragua and is in negotiations to purchase a further gold mine in Honduras, according to Mineweb.<br/><br/>RNC CFO Thomas Lough has claimed that the company will have a combined 240,000 ounces of annual gold production as current projects evolve. <br/><br/>RNC has a budgeted production of 100,000 ounces of gold for 2005, following its production of 80,662 ounces in 2003.<br/><br/>Construction work for the Cerro Quema mine in Panama has already begun and it is thought the mine will have a seven-year life, able to produce 48,000 to 50,000 ounces of gold per year.<br/><br/>RNC is hoping to conduct a drilling programme this year to increase reserves and resources at La Libertad and Bonanza.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8098653"/>

 

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