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VENEZUELA OPERATIONS - TOMI
At the end of September 2008, the Company ceased mining at the Tomi and La Victoria mines due to the handover of the Revemin mill to Minerven, a Venezuelan State-owned company, which was effective October 1, 2008. Subsequent to October 1, 2008, the entire mill operating employees at Revemin and some of the mining employees accepted offers of employment with Minerven. The Company paid Minerven compensation for all severance costs relating to those employees who were assumed by Minerven and is in the process of terminating most of the remaining mining employees. The Company is also in discussions with Minerven regarding the return of the Tomi and La Victoria properties to the State and finalizing mine closure obligations. During 2007, gold was produced from three deposits on the Tomi concession and from an open pit mine on the La Victoria concession. Ore from the Tomi and La Victoria mines is processed at the Company’s Revemin mill, which is located ten kilometres from the La Victoria mine and twenty one kilometres from the Tomi mines.
Please visit Historical Projects for project information.
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