Wednesday, 23rd March 2005 (3591 views)

Canadian miner RNC Gold has revealed it is to purchase a new gold mine in Panama.

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.

RNC CFO Thomas Lough has claimed that the company will have a combined 240,000 ounces of annual gold production as current projects evolve.

RNC has a budgeted production of 100,000 ounces of gold for 2005, following its production of 80,662 ounces in 2003.

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.

RNC is hoping to conduct a drilling programme this year to increase reserves and resources at La Libertad and Bonanza.

 

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