Friday, 20th January 2006 (3438 views)

Glamis Gold announced strong 2005 figures earlier this week.

The company, which has four low-cost gold mines and development projects in Nevada, Mexico and Central America, said it had produced 434,010 ounces of gold last year, an increase of 85 per cent from 2004.

Unaudited total cash costs in 2005 were £110 per ounce of gold produced.

The El Sauzal Mine in Mexico, which exceeded forecasts by 13 per cent in its first year of production, and a good performance at the Marigold Mine in Nevada were the basis of the strong figures, with 2006 looking promising as well.

"Contrary to the current gold industry trend, our cash costs are headed lower," said Kevin McArthur, president and chief executive officer.

"Coupled with strong metals prices and the significant production increases we continue to achieve, we are well positioned for strong free cash flows in the years ahead."

Glamis is projecting production of 670,000 ounces of gold in 2006.

 

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