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VENEZUELA OPERATIONS
 Las Cristinas Tomi La Victoria
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. Previously, 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 was processed at the Revemin mill, which is located ten kilometres from the La Victoria mine and twenty one kilometres from the Tomi mines.
In 2008, gold production in Venezuela was 17,885 ounces.
2008 Key Operating Statistics
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2008 |
2007 |
2006 |
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Gold Production
(ounces) |
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Tomi Open Pits |
6,530 |
8,437 |
19,428 |
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Tomi Underground |
3,856 |
13,551 |
22,210 |
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La Victoria |
6,488 |
9,356 |
3,260 |
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Purchased Material |
1,011 |
2,223 |
2,447 |
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Total Gold Production
(ounces)
Gold Sold (ounces)
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17,885
19,677
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33,567
32,815
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47,345
48,570
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Average Realized
Gold Price
Average Spot Price |
$733
$897 |
$413
$695 |
$578
$604 |
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Gold Reserves(ounces)
Las Cristinas1,2
Proven and Probable Reserves |
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16,862,000
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14,006,000
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13,594,000
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1 Mineral reserves are based on a US$550 per ounce gold price and cut-off grades ranging from 0.33 grams per tonne to 0.57 grams of gold per tonne depending on the mineral type.
2 Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities.
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