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Sunridge Gold Corp.: Letter Received From Eritrean Ministry Of Mines and Energy
1/5/05
VANCOUVER, BRITISH COLUMBIA, Jan 5, 2005 (CCNMatthews via COMTEX) --
Sunridge Gold Corp. (TSX VENTURE:SGC) and joint venture partner, Sub-Sahara Resources NL, announce an update on the affairs in Eritrea pursuant to the government directive to halt all mineral exploration work in the country as of September 2, 2004.
Sub-Sahara has received today a letter from the Minister of Mines and Energy stating that the Government has given serious consideration to the matter. The letter states, " Commending your patience and cooperative stance, I would now like to invite you for a consultation meeting on this issue at your earliest convenience here in Asmara" .
Arrangements are being made to attend such a meeting as soon as possible.
SUNRIDGE GOLD CORP.
Michael Hopley, President
1/5/05
VANCOUVER, BRITISH COLUMBIA, Jan 5, 2005 (CCNMatthews via COMTEX) --
Sunridge Gold Corp. (TSX VENTURE:SGC) and joint venture partner, Sub-Sahara Resources NL, announce an update on the affairs in Eritrea pursuant to the government directive to halt all mineral exploration work in the country as of September 2, 2004.
Sub-Sahara has received today a letter from the Minister of Mines and Energy stating that the Government has given serious consideration to the matter. The letter states, " Commending your patience and cooperative stance, I would now like to invite you for a consultation meeting on this issue at your earliest convenience here in Asmara" .
Arrangements are being made to attend such a meeting as soon as possible.
SUNRIDGE GOLD CORP.
Michael Hopley, President
Pursuant to the Sunridge Gold Corp. shareholder approved Stock Option Plan, the Directors have today granted Incentive Stock Options on 330,000 shares of the Company`s capital stock, exercisable for up to five years at a price of $0.60 per share which price is greater than the last closing price of the Company`s shares prior to the date of grant. The options granted will be subject to any applicable regulatory hold periods.
Sunridge Gold continues to await word from the government of Eritrea as to the resolution of the stop work order. While continuing its efforts to resolve this issue, management is reviewing other opportunities in the precious and base metals industry.
Sunridge Gold continues to await word from the government of Eritrea as to the resolution of the stop work order. While continuing its efforts to resolve this issue, management is reviewing other opportunities in the precious and base metals industry.
Tansania – Goldboom oder mehr?
04.11.2004 of - Redaktion GOLDINVEST.de
Tansania ist ein Land, das bisher nur wenigen Goldinvestoren aufgefallen ist und doch sind mit Barrick Gold, Placer Dome, AngloAshanti und Gold Fields die größten Player im Goldsektor schon seit einigen Jahren vor Ort. Sie haben sich diesen afrikanischen Staat für die Zukunft ihrer Goldgewinnung ausgesucht und das mit einem gutem Grund.
Tansania dürfte vielen Menschen in der Hauptsache, durch den Mount Kilimanjaro und die drei bekannten Süßwasserseen, nämlich dem Victoriasee, dem Tanganjikasee und dem Malawisee bekannt sein. Wirklich überraschend ist für den Goldinteressierten jedoch die Tatsache, dass das Land zu einem der aussichtsreichsten Goldförderländer in Afrika gehört. Sogar deutsche Vergangenheit findet man, denn das Deutsche Reich erwarb 1885 das Hauptgebiet um den Tanganjikasee. Mit dem Ausbruch des Ersten Weltkrieges 1914 hatten es die Deutschen geschafft die heutige Haupstadt Dar es Salaam mit Kigoma, das direkt am Tanganjikaeee liegt, durch eine Eisenbahnlinie zu verbinden. Es folgten viele Jahre unter britischer Herrschaft, wobei erst 1961 der Staat Tanganjika und dann 1963 Sansibar die Unabhängigkeit erhielten. 1964 entstand letztendlich die United Republic of Tansania. Das Land Tansania ist heute in 25 Regionen aufgeteilt. Die Gesamtfläche umfasst 884.000 Quadratkilometer, wobei hierin auch 61.000 Quadratkilometer Wasserfläche eingeschlossen sind. Das Land hat eine Gesamtgrößte von einem Zehntel der gesamten U.S.A. und ist etwa genauso groß wie der kanadische Bundesstaat British Columbia. Es herrscht tropisches Klima vor, wobei in den Wüstengebieten der Serengeti enorme Trockenheit vorherrscht. Die höchsten Erhebungen sind der Kilimanjaro mit fast 5.900 Metern und der Berg Meru mit knapp 4.500 Metern über dem Meeresspiegel.
Erste reine Minenabbautätigkeiten werden aus dem Jahr 1909 berichtet, wobei nach 1930 der Goldbergbau kontinuierlich erhöht wurde. Bis zum Jahr 1967 war jedoch der Goldbergbau fast vollständig zum Erliegen gekommen. Erst 1999 konnte die erste größere kommerzielle Goldmine Golden Pride durch die australische Goldgesellschaft Resolute Mining eröffnet werden. Die Mine befindet sich südlich des Victoriasees und ungefähr 750 Kilometer von Dar es Salaam entfernt. Interessant ist der Umstand, dass die aktuell bekannten Goldvorkommen zum Großteil im so genannten Grünstein Gürtel in der Nähe des Victoriasees liegen und sehr ähnliche geologische Strukturen aufweisen, wie in Australien oder Simbabwe. Die geschätzten Gesamtreserven von Tansania liegen bei deutlich über 30 Millionen Feinunzen Gold.
Mit den spektakulären Übernahmen der kanadischen Gesellschaften Sutton Resources und Pangea Goldfields hat sich der ehemals größte Goldproduzent der Welt Barrick Gold bereits frühzeitig in Tansania engagiert. Bei Betrachtung der aktuellen Situation fällt auf, dass Barrick Gold in den schwachen Jahren am Goldmarkt viele kleinere Gebiete von internationalen Explorationsgesellschaften aufgekauft hat oder sich zumindest Optionsrechte günstig sichern konnte. Dies lässt aufgrund der geplanten Expansionsstrategie des nordamerikanischen Goldproduzenten immer wieder Übernahmephantasien aufkommen und durch die geringe Anzahl von kleineren börsennotierten Explorationswerten bleibt die Auswahl auch relativ begrenzt. Bei den Explorationsgesellschaften dürfte neben der kanadischen Tan Range Exploration, auch Northern Mining Exploration mit dem Tulawaka Goldprojekt zu den begehrtesten Übernahmezielen gehören. Auch Gold Fields versucht sich in den letzten Jahren in Tansania zu engagieren. Daher kauft das Unternehmen Beteiligungen an der kanadischen Lakota Resources und der britischen African Eagle auf.
Die australische Explorationsgesellschaft Spinifex Gold wurde durch Gallery Gold übernommen. Auch Sub-Sahara Resources hat neben den Joint-Ventures mit Barrick Gold und Resolute vor wenigen Wochen eine neue kanadische Shell Company gefunden,um einen neuen Tansania Play mit Namen Currie Rose auf den Markt zu bringen.
Im Vergleich der bekannten führenden Goldunternehmen in Tansania fällt klar auf, dass es in diesem Land keinen Bereich der kleinen produzierenden Goldminen gibt. Scheinbar liegt dies wiederum an der Tatsache, dass die relativ niedrigen Goldgehalte im Übertagebereich eine neue Goldmine erst bei einer jährlichen Goldproduktion von 100.000 Feinunzen Gold und mehr rentabel erscheinen lassen. Aktuell stellt sich die Frage, ob ein Investment in die australischen oder kanadischen Explorationswerte nicht zu viele Risiken birgt. Tansania ist nach unserer Überzeugung eines der aussichtsreichsten Goldförderländer in der Welt, somit stehen enorme Chancen gewissen Risiken gegenüber, die aber kalkulierbar sind. Die Aktien von African Eagle, Lakota Resources, Tan Range Exploration und Sub-Sahara Resources sollten daher genau im Auge behalten werden. Aufgrund der fundamentalen Situation ist Northern Mining Exploration (Ticker MDN in Kanada) dagegen bei aktuellen Kursen um 0,50 CAN$ der klarste Kauf. Currie Rose (Ticker CUI in Kanada) bietet sich bis zu Kaufkursen von 0,12 CAN$ als hochspekulative Depotbeimischung ebenfalls an
04.11.2004 of - Redaktion GOLDINVEST.de
Tansania ist ein Land, das bisher nur wenigen Goldinvestoren aufgefallen ist und doch sind mit Barrick Gold, Placer Dome, AngloAshanti und Gold Fields die größten Player im Goldsektor schon seit einigen Jahren vor Ort. Sie haben sich diesen afrikanischen Staat für die Zukunft ihrer Goldgewinnung ausgesucht und das mit einem gutem Grund.
Tansania dürfte vielen Menschen in der Hauptsache, durch den Mount Kilimanjaro und die drei bekannten Süßwasserseen, nämlich dem Victoriasee, dem Tanganjikasee und dem Malawisee bekannt sein. Wirklich überraschend ist für den Goldinteressierten jedoch die Tatsache, dass das Land zu einem der aussichtsreichsten Goldförderländer in Afrika gehört. Sogar deutsche Vergangenheit findet man, denn das Deutsche Reich erwarb 1885 das Hauptgebiet um den Tanganjikasee. Mit dem Ausbruch des Ersten Weltkrieges 1914 hatten es die Deutschen geschafft die heutige Haupstadt Dar es Salaam mit Kigoma, das direkt am Tanganjikaeee liegt, durch eine Eisenbahnlinie zu verbinden. Es folgten viele Jahre unter britischer Herrschaft, wobei erst 1961 der Staat Tanganjika und dann 1963 Sansibar die Unabhängigkeit erhielten. 1964 entstand letztendlich die United Republic of Tansania. Das Land Tansania ist heute in 25 Regionen aufgeteilt. Die Gesamtfläche umfasst 884.000 Quadratkilometer, wobei hierin auch 61.000 Quadratkilometer Wasserfläche eingeschlossen sind. Das Land hat eine Gesamtgrößte von einem Zehntel der gesamten U.S.A. und ist etwa genauso groß wie der kanadische Bundesstaat British Columbia. Es herrscht tropisches Klima vor, wobei in den Wüstengebieten der Serengeti enorme Trockenheit vorherrscht. Die höchsten Erhebungen sind der Kilimanjaro mit fast 5.900 Metern und der Berg Meru mit knapp 4.500 Metern über dem Meeresspiegel.
Erste reine Minenabbautätigkeiten werden aus dem Jahr 1909 berichtet, wobei nach 1930 der Goldbergbau kontinuierlich erhöht wurde. Bis zum Jahr 1967 war jedoch der Goldbergbau fast vollständig zum Erliegen gekommen. Erst 1999 konnte die erste größere kommerzielle Goldmine Golden Pride durch die australische Goldgesellschaft Resolute Mining eröffnet werden. Die Mine befindet sich südlich des Victoriasees und ungefähr 750 Kilometer von Dar es Salaam entfernt. Interessant ist der Umstand, dass die aktuell bekannten Goldvorkommen zum Großteil im so genannten Grünstein Gürtel in der Nähe des Victoriasees liegen und sehr ähnliche geologische Strukturen aufweisen, wie in Australien oder Simbabwe. Die geschätzten Gesamtreserven von Tansania liegen bei deutlich über 30 Millionen Feinunzen Gold.
Mit den spektakulären Übernahmen der kanadischen Gesellschaften Sutton Resources und Pangea Goldfields hat sich der ehemals größte Goldproduzent der Welt Barrick Gold bereits frühzeitig in Tansania engagiert. Bei Betrachtung der aktuellen Situation fällt auf, dass Barrick Gold in den schwachen Jahren am Goldmarkt viele kleinere Gebiete von internationalen Explorationsgesellschaften aufgekauft hat oder sich zumindest Optionsrechte günstig sichern konnte. Dies lässt aufgrund der geplanten Expansionsstrategie des nordamerikanischen Goldproduzenten immer wieder Übernahmephantasien aufkommen und durch die geringe Anzahl von kleineren börsennotierten Explorationswerten bleibt die Auswahl auch relativ begrenzt. Bei den Explorationsgesellschaften dürfte neben der kanadischen Tan Range Exploration, auch Northern Mining Exploration mit dem Tulawaka Goldprojekt zu den begehrtesten Übernahmezielen gehören. Auch Gold Fields versucht sich in den letzten Jahren in Tansania zu engagieren. Daher kauft das Unternehmen Beteiligungen an der kanadischen Lakota Resources und der britischen African Eagle auf.
Die australische Explorationsgesellschaft Spinifex Gold wurde durch Gallery Gold übernommen. Auch Sub-Sahara Resources hat neben den Joint-Ventures mit Barrick Gold und Resolute vor wenigen Wochen eine neue kanadische Shell Company gefunden,um einen neuen Tansania Play mit Namen Currie Rose auf den Markt zu bringen.
Im Vergleich der bekannten führenden Goldunternehmen in Tansania fällt klar auf, dass es in diesem Land keinen Bereich der kleinen produzierenden Goldminen gibt. Scheinbar liegt dies wiederum an der Tatsache, dass die relativ niedrigen Goldgehalte im Übertagebereich eine neue Goldmine erst bei einer jährlichen Goldproduktion von 100.000 Feinunzen Gold und mehr rentabel erscheinen lassen. Aktuell stellt sich die Frage, ob ein Investment in die australischen oder kanadischen Explorationswerte nicht zu viele Risiken birgt. Tansania ist nach unserer Überzeugung eines der aussichtsreichsten Goldförderländer in der Welt, somit stehen enorme Chancen gewissen Risiken gegenüber, die aber kalkulierbar sind. Die Aktien von African Eagle, Lakota Resources, Tan Range Exploration und Sub-Sahara Resources sollten daher genau im Auge behalten werden. Aufgrund der fundamentalen Situation ist Northern Mining Exploration (Ticker MDN in Kanada) dagegen bei aktuellen Kursen um 0,50 CAN$ der klarste Kauf. Currie Rose (Ticker CUI in Kanada) bietet sich bis zu Kaufkursen von 0,12 CAN$ als hochspekulative Depotbeimischung ebenfalls an
Eritrea: Ausgezeichnete Resultate von der Bohrung Debarwa
Nach der Ansage von?outstanding? Auswirkungen auf Juni 24 2004, Partner Sunridge Gold Corp Vor-Sub-Sahara und der Joint Ventures haben verkündet, was sie während weitere bedeutende Resultate von einen anderen Bohrgerätbohrungen mit 10 Diamanten und von einer Rückcirculation-/diamondbohrgerätbohrung vom fortfahrenden bohrenprogramm an der hochwertigen Kupfer- und Goldablagerung Debarwa beschreiben.
Die Majorität dieser Resultate kommen vom verhältnismäßig ungetesteten Debarwa, das Südbereich einen 750-m-Süden der Hauptzone Debarwa aufstellte und diese hohen Gradresultate haben Potential, entsprechend Vor-Sub-Sahara und Sunridge, bedeutende Mineralisierung den historischen Hilfsmittelschätzungen hinzuzufügen, die von Phelps Dodge und andere für den Ablagerungsbereich Debarwa gebildet werden.
Hebt enthaltene Bohrgerätbohrung Debr-d-024, die 22 m 11.82 % Kupfer ordnend schnitt, silber mit 3.84 g/t Gold- und mit 69.67 g/tund Bohrgerätbohrung Debd-019, die 26.18 m 11.43 % Kupfer ordnend schnitt, das Gold mit 1.43 g/t und das Silber mit 46.04 g/t hervor
Nach der Ansage von?outstanding? Auswirkungen auf Juni 24 2004, Partner Sunridge Gold Corp Vor-Sub-Sahara und der Joint Ventures haben verkündet, was sie während weitere bedeutende Resultate von einen anderen Bohrgerätbohrungen mit 10 Diamanten und von einer Rückcirculation-/diamondbohrgerätbohrung vom fortfahrenden bohrenprogramm an der hochwertigen Kupfer- und Goldablagerung Debarwa beschreiben.
Die Majorität dieser Resultate kommen vom verhältnismäßig ungetesteten Debarwa, das Südbereich einen 750-m-Süden der Hauptzone Debarwa aufstellte und diese hohen Gradresultate haben Potential, entsprechend Vor-Sub-Sahara und Sunridge, bedeutende Mineralisierung den historischen Hilfsmittelschätzungen hinzuzufügen, die von Phelps Dodge und andere für den Ablagerungsbereich Debarwa gebildet werden.
Hebt enthaltene Bohrgerätbohrung Debr-d-024, die 22 m 11.82 % Kupfer ordnend schnitt, silber mit 3.84 g/t Gold- und mit 69.67 g/tund Bohrgerätbohrung Debd-019, die 26.18 m 11.43 % Kupfer ordnend schnitt, das Gold mit 1.43 g/t und das Silber mit 46.04 g/t hervor
Tanzania’s gold boom continues
Speaking at the Cape Town Mining Indaba in February, Tanzania’s Minister of Mines & Energy, Daniel Yona, said that since 1999 the country had seen a new mine come into production every year. He attributed the growth in the country’s mining sector, which is dominated by gold production, to the introduction of a new fiscal region for investors in 1997 and a new liberalised mining act in 1998.
Almost all the new mines referred to by Minister Yona are gold mines, with the exception of Afgem’s tanzanite mine near Mount Kilimanjaro. The focus of activity is the Lake Victoria Goldfields and the total capital investment in the five new gold mines (excluding the exploration costs) is in the region of US$600 million. Prospects for the expansion of existing mines or the development of further new mines look good although, as the Minister pointed out at the Indaba “finding and developing second-generation deposits require more effort”.
Part of the attraction of Tanzania, apart from its attractive geology, is the fact that it is a democracy – a multiparty system was introduced in 1992 – and ranks as one of the most stable countries in Africa. Under the late President Nyerere, the country’s economy nosedived but the political and economic reforms of the 1990s have resulted in a turnaround. According to a recent report by the Economist Intelligence Unit, real GDP grew by 5,6 % in 2001. The Unit says it is estimating overall real GDP growth of 5,2 % in 2002, rising to 5,4 % in 2003 and 5,5 % in 2004, driven by growth in both mining and agriculture. Inflation remains under control at around 4,5 %. Mining’s contribution to GDP was still under 3 % in 2001, but this figure is increasing rapidly and the Tanzanian government believes that a 6 % contribution by mining is attainable by 2005, rising to at least 10 % by 2025 .
Despite its many pluses, Tanzania is not without its downside as a mining destination. Particular concerns are poor infrastructure – the national grid is unreliable while large sections of the road network require upgrading – and the aggressive behaviour of artisanal miners, who feel sidelined by the country’s mining boom. But these problems are manageable and have certainly not deterred mining companies from operating in the country.
With the dramatic expansion of gold mining activity, Tanzania has emerged as one of the top gold producers in Africa, vying with Mali for the number three spot after South Africa and Ghana. Production in 2003 will certainly be over 1,3 million ounces and possibly as high as 1,45 million ounces. This is a far cry from the historical position. Although reliable statistics are hard to come by, it seems that official gold production peaked in 1960 at about 106 000 ounces. Thereafter a decline set in as mines such as Mukwamba, Geita, Kiabakari and Buhemba successively closed down and by the early 1970s production was under 100 000 ounces.
The turning point came in 1998, with the opening of Golden Pride, the first of the new generation mines. Located about 200 km south of Lake Victoria and owned by Resolute Mining of Australia through its Tanzanian subsidiary, Resolute (Tanzania) Ltd, the mine was constructed in just 12 months, starting in November 1997, and was completed on time and within budget (US$48 million) despite the construction period coinciding with the most severe wet season experienced in Tanzania for 100 years.
During 2002, subsequent to a significant increase in measured and indicated resources within and adjacent to the existing pit, an upgrade was undertaken to increase throughput to 2,6 Mt/a to maximise the return on these additional reserves. The additional reserves effectively doubled the remaining mine life at that time.
The upgrade included a new tails dam, additional standby power generating sets, installation of a second-hand and refurbished Kidston ball mill, and pebble crushing and cyclone circuits. The capital cost for the upgrade was US$10,2 million and it was completed under budget and progressively commissioned in September and October last year.
The project life has now been extended with the current mine designed to produce approximately 170 000 ounces of gold per annum at a cash cost of US$220 per ounce over a six year mine life.
The Golden Pride mine has to date produced 720 000 ounces of gold since commissioning.
In 2002 the Golden Pride Mine participated in the inaugural Presidential Environmental Excellence and Leadership Award for the mining operation that goes beyond mere compliance to environmental standards and regulations. At a ceremony on 12 September 2002, President Benjamin Mkapa presented Resolute with this prestigious award.
On the exploration front, Resolute has been active over the past two years on a regional study of the Archaean of Tanzania and ground follow-up of selected targets. As part of this study a number of areas were selected for acquisition or joint venture (JV). Out of this work the Nyakafuru region was identified as a key area. In 2002 Resolute entered into joint ventures with Spinifex Gold and Sub-Sahara Resources, both of which hold strategic parcels of ground in this region.
Similarly, additional tenure in the Golden Pride – Kahama area was targeted for JV, as there were indications of potential small tonnage satellite deposits that could be trucked to Golden Pride for processing. Several prospects were pegged directly by Resolute and a number acquired via the Sub-Sahara Kahama JV and the Austan JV (Canuck). Ongoing exploration of these is aimed at delineating resources capable of being trucked to Golden Pride for treatment.
The next modern mine to be commissioned after Golden Pride was Geita, which was officially opened on 3 August 2000 by President Mkapa. Originally an Ashanti project, AngloGold bought a half share in the mine about three months before it entered production. The mine was built in about 13 months – three months less than anticipated – at a cost of US$165 million. As we relate in a story on page xx of this issue, the mine is now Tanzania’s biggest gold producer with its output for 2003 predicted to be in excess of 600 000 ounces – making it one of the great gold mines of Africa.
Geita was followed within a year by Bulyanhulu, opened in July 2001 and owned by Kahama Mining Corporation, which in turn is a subsidiary of Canada’s Barrick Gold. Barrick acquired Bulyanhulu as an advanced stage exploration project in March 1999 when it purchased Sutton Resources. The mine, brought on stream for US$280 million, is an underground operation and in 2002 produced 356 319 ounces of gold at a cash cost of US$198 per ounce. In 2003 Barrick expects Bulyanhulu to increase its production to 415 000 ounces and to decrease cash cost to US$175 per ounce, reflecting a full year of better grades and recovery rates. Barrick is planning to increase the annual production rate to between 430 000 and 570 000 ounces at an average total cash cost of US$151 per ounce over the 21 years of the mine’s life. At the end of 2002, Bulyanhulu had 11,7 million ounces of gold reserves, up 224 % from March 1999 when the project was acquired.
September last year saw the official opening of the North Mara gold mine, to the east of Musoma and close to the Kenyan border. The mine is owned by East African Gold Mines (EAGM), an Australian company headed by Geoff Stewart in which, interestingly, AngloGold has an 8,3 % share. The actual operating company is EAGM’s subsidiary, Afrika Mashariki Gold Mines. The North Mara gold processing plant utilises conventional Carbon In Pulp (CIP) technology. The plant is capable of treating hard and abrasive ore from the Nyabirama gold deposit at the rate of 2 Mt/a. The processing plant is located adjacent to the Nyabirama deposit, and 7,5 km from the satellite deposits to be mined at Nyabigena and possibly Gokona.
The North Mara ores exhibit relatively fast leaching kinetics, and are only mildly refractory; therefore conventional cyanidation was chosen for the process route.
Run of mine ore is first crushed in a single stage jaw crusher onto a crushed ore stockpile. Reclaim feeders beneath the stockpile allow the ore to be conveyed into the grinding circuit, which consists of a SAG mill, a recycle pebble crusher, and a ball mill. The ore is ground to a target grind size of 80 % passing 106 microns before entering the leach and adsorption train.
A gravity circuit consisting of a Knelson concentrator and Gemini shaking table concentrates coarse gold extracted from the grinding circuit and removes this product ahead of the CIP circuit.
The Nyabirama deposit is being mined by open pit methods while start up at the Nyabigena satellite pit is scheduled for second half of 2003. The contract mining is being undertaken by PW Group with its fleet consisting of O&K RH120 and RH40 excavators loading into six Caterpillar 777Ds. Production is in the region of 12 000 bank cubic metres a day.
A fifth new mine, Buhemba, has recently started production in Tanzania although details are scanty and somewhat confused at this stage. African Mining’s understanding is that Buhemba is owned by Meremeta, which represents a joint venture between the Tanzanian government (via the Ministry of Defence) and South African interests. The mine is managed and operated on behalf of the owners by a consortium of South African companies, Time Mining, WBHO and Jeffares & Green, all well-known names. Buhemba was mined during the colonial era and was the country’s second biggest gold mine after Geita. It closed around 1970 and for a time was the site of an army base. It is located 254 km north-east of Mwanza and about 60 km south of the North Mara mine. Its annual production, so African Mining is told, will be in the region of 100 000 ounces a year – making it the smallest of the country’s five new mines. The CIL plant is designed to treat 100 000 tonnes of ore a month.
Although the exploration effort in Tanzania dipped in 2000 and 2001, it seems to be recovering – if anecdotal evidence can be trusted – on the back of a better gold price. Among the junior explorers operating in the country are African Eagle (see page xx), Tan Range (see page xx ), Spinifex (which is being taken over by Gallery Gold) and Sub-Sahara Resources. Most exploration is centred on the Lake Victoria Goldfields although Barrick has reportedly recently entered a joint venture with Shield Resources, a Tanzanian company operating in the historic Lupa goldfields further south in the country. Much exploration, of course, is concentrated on existing mine properties, with AngloGold/Ashanti and Barrick being particularly successful in pushing up resources and reserves at Geita and Bulyanhulu respectively
Finally, what are the prospects of any new mines in the near term? The best prospect seems to be Tulawaka, a deposit in which Barrick, through its subsidiary Pangea Goldfields, is in joint venture with Northern Mining Explorations, a Canadian explorer. Located about 200 km to the west of Bulyanhulu and 160 km south-west of Mwanza, gold mineralisation was discovered on the property (which had no history of artisanal activity) in September 1998 by drilling soil geochemical anomalies outlined over the area in the previous year.
A feasibility study on the high grade East Zone resource at Tulawaka, which hosts indicated resources of 1,71 Mt averaging 14,9 g/t, is currently at an advanced stage. Met-Chem Canada has been retained to carry out open-pit mine design while Ausenco of Australia has been retained to prepare a conventional gravity and CIL process design for a 1 000 t/day plant. The cost of the proposed mine is put at around US$31 million. Micon International, a Toronto consulting firm, has been retained to consolidate the work done for the feasibility study and produce a final report.
No time frame has been released for the project but it certainly seems possible that work on the mine could start this year and, indeed when African Mining, was in Tanzania recently it heard that tenders had already been invited from open-pit mining contractors. If Tulawaka does get the go ahead, it will be Tanzania’s sixth new gold mine and confirm the country’s status as one of the world’s fastest developing gold mining regions.
Report by Arthur Tassell
Speaking at the Cape Town Mining Indaba in February, Tanzania’s Minister of Mines & Energy, Daniel Yona, said that since 1999 the country had seen a new mine come into production every year. He attributed the growth in the country’s mining sector, which is dominated by gold production, to the introduction of a new fiscal region for investors in 1997 and a new liberalised mining act in 1998.
Almost all the new mines referred to by Minister Yona are gold mines, with the exception of Afgem’s tanzanite mine near Mount Kilimanjaro. The focus of activity is the Lake Victoria Goldfields and the total capital investment in the five new gold mines (excluding the exploration costs) is in the region of US$600 million. Prospects for the expansion of existing mines or the development of further new mines look good although, as the Minister pointed out at the Indaba “finding and developing second-generation deposits require more effort”.
Part of the attraction of Tanzania, apart from its attractive geology, is the fact that it is a democracy – a multiparty system was introduced in 1992 – and ranks as one of the most stable countries in Africa. Under the late President Nyerere, the country’s economy nosedived but the political and economic reforms of the 1990s have resulted in a turnaround. According to a recent report by the Economist Intelligence Unit, real GDP grew by 5,6 % in 2001. The Unit says it is estimating overall real GDP growth of 5,2 % in 2002, rising to 5,4 % in 2003 and 5,5 % in 2004, driven by growth in both mining and agriculture. Inflation remains under control at around 4,5 %. Mining’s contribution to GDP was still under 3 % in 2001, but this figure is increasing rapidly and the Tanzanian government believes that a 6 % contribution by mining is attainable by 2005, rising to at least 10 % by 2025 .
Despite its many pluses, Tanzania is not without its downside as a mining destination. Particular concerns are poor infrastructure – the national grid is unreliable while large sections of the road network require upgrading – and the aggressive behaviour of artisanal miners, who feel sidelined by the country’s mining boom. But these problems are manageable and have certainly not deterred mining companies from operating in the country.
With the dramatic expansion of gold mining activity, Tanzania has emerged as one of the top gold producers in Africa, vying with Mali for the number three spot after South Africa and Ghana. Production in 2003 will certainly be over 1,3 million ounces and possibly as high as 1,45 million ounces. This is a far cry from the historical position. Although reliable statistics are hard to come by, it seems that official gold production peaked in 1960 at about 106 000 ounces. Thereafter a decline set in as mines such as Mukwamba, Geita, Kiabakari and Buhemba successively closed down and by the early 1970s production was under 100 000 ounces.
The turning point came in 1998, with the opening of Golden Pride, the first of the new generation mines. Located about 200 km south of Lake Victoria and owned by Resolute Mining of Australia through its Tanzanian subsidiary, Resolute (Tanzania) Ltd, the mine was constructed in just 12 months, starting in November 1997, and was completed on time and within budget (US$48 million) despite the construction period coinciding with the most severe wet season experienced in Tanzania for 100 years.
During 2002, subsequent to a significant increase in measured and indicated resources within and adjacent to the existing pit, an upgrade was undertaken to increase throughput to 2,6 Mt/a to maximise the return on these additional reserves. The additional reserves effectively doubled the remaining mine life at that time.
The upgrade included a new tails dam, additional standby power generating sets, installation of a second-hand and refurbished Kidston ball mill, and pebble crushing and cyclone circuits. The capital cost for the upgrade was US$10,2 million and it was completed under budget and progressively commissioned in September and October last year.
The project life has now been extended with the current mine designed to produce approximately 170 000 ounces of gold per annum at a cash cost of US$220 per ounce over a six year mine life.
The Golden Pride mine has to date produced 720 000 ounces of gold since commissioning.
In 2002 the Golden Pride Mine participated in the inaugural Presidential Environmental Excellence and Leadership Award for the mining operation that goes beyond mere compliance to environmental standards and regulations. At a ceremony on 12 September 2002, President Benjamin Mkapa presented Resolute with this prestigious award.
On the exploration front, Resolute has been active over the past two years on a regional study of the Archaean of Tanzania and ground follow-up of selected targets. As part of this study a number of areas were selected for acquisition or joint venture (JV). Out of this work the Nyakafuru region was identified as a key area. In 2002 Resolute entered into joint ventures with Spinifex Gold and Sub-Sahara Resources, both of which hold strategic parcels of ground in this region.
Similarly, additional tenure in the Golden Pride – Kahama area was targeted for JV, as there were indications of potential small tonnage satellite deposits that could be trucked to Golden Pride for processing. Several prospects were pegged directly by Resolute and a number acquired via the Sub-Sahara Kahama JV and the Austan JV (Canuck). Ongoing exploration of these is aimed at delineating resources capable of being trucked to Golden Pride for treatment.
The next modern mine to be commissioned after Golden Pride was Geita, which was officially opened on 3 August 2000 by President Mkapa. Originally an Ashanti project, AngloGold bought a half share in the mine about three months before it entered production. The mine was built in about 13 months – three months less than anticipated – at a cost of US$165 million. As we relate in a story on page xx of this issue, the mine is now Tanzania’s biggest gold producer with its output for 2003 predicted to be in excess of 600 000 ounces – making it one of the great gold mines of Africa.
Geita was followed within a year by Bulyanhulu, opened in July 2001 and owned by Kahama Mining Corporation, which in turn is a subsidiary of Canada’s Barrick Gold. Barrick acquired Bulyanhulu as an advanced stage exploration project in March 1999 when it purchased Sutton Resources. The mine, brought on stream for US$280 million, is an underground operation and in 2002 produced 356 319 ounces of gold at a cash cost of US$198 per ounce. In 2003 Barrick expects Bulyanhulu to increase its production to 415 000 ounces and to decrease cash cost to US$175 per ounce, reflecting a full year of better grades and recovery rates. Barrick is planning to increase the annual production rate to between 430 000 and 570 000 ounces at an average total cash cost of US$151 per ounce over the 21 years of the mine’s life. At the end of 2002, Bulyanhulu had 11,7 million ounces of gold reserves, up 224 % from March 1999 when the project was acquired.
September last year saw the official opening of the North Mara gold mine, to the east of Musoma and close to the Kenyan border. The mine is owned by East African Gold Mines (EAGM), an Australian company headed by Geoff Stewart in which, interestingly, AngloGold has an 8,3 % share. The actual operating company is EAGM’s subsidiary, Afrika Mashariki Gold Mines. The North Mara gold processing plant utilises conventional Carbon In Pulp (CIP) technology. The plant is capable of treating hard and abrasive ore from the Nyabirama gold deposit at the rate of 2 Mt/a. The processing plant is located adjacent to the Nyabirama deposit, and 7,5 km from the satellite deposits to be mined at Nyabigena and possibly Gokona.
The North Mara ores exhibit relatively fast leaching kinetics, and are only mildly refractory; therefore conventional cyanidation was chosen for the process route.
Run of mine ore is first crushed in a single stage jaw crusher onto a crushed ore stockpile. Reclaim feeders beneath the stockpile allow the ore to be conveyed into the grinding circuit, which consists of a SAG mill, a recycle pebble crusher, and a ball mill. The ore is ground to a target grind size of 80 % passing 106 microns before entering the leach and adsorption train.
A gravity circuit consisting of a Knelson concentrator and Gemini shaking table concentrates coarse gold extracted from the grinding circuit and removes this product ahead of the CIP circuit.
The Nyabirama deposit is being mined by open pit methods while start up at the Nyabigena satellite pit is scheduled for second half of 2003. The contract mining is being undertaken by PW Group with its fleet consisting of O&K RH120 and RH40 excavators loading into six Caterpillar 777Ds. Production is in the region of 12 000 bank cubic metres a day.
A fifth new mine, Buhemba, has recently started production in Tanzania although details are scanty and somewhat confused at this stage. African Mining’s understanding is that Buhemba is owned by Meremeta, which represents a joint venture between the Tanzanian government (via the Ministry of Defence) and South African interests. The mine is managed and operated on behalf of the owners by a consortium of South African companies, Time Mining, WBHO and Jeffares & Green, all well-known names. Buhemba was mined during the colonial era and was the country’s second biggest gold mine after Geita. It closed around 1970 and for a time was the site of an army base. It is located 254 km north-east of Mwanza and about 60 km south of the North Mara mine. Its annual production, so African Mining is told, will be in the region of 100 000 ounces a year – making it the smallest of the country’s five new mines. The CIL plant is designed to treat 100 000 tonnes of ore a month.
Although the exploration effort in Tanzania dipped in 2000 and 2001, it seems to be recovering – if anecdotal evidence can be trusted – on the back of a better gold price. Among the junior explorers operating in the country are African Eagle (see page xx), Tan Range (see page xx ), Spinifex (which is being taken over by Gallery Gold) and Sub-Sahara Resources. Most exploration is centred on the Lake Victoria Goldfields although Barrick has reportedly recently entered a joint venture with Shield Resources, a Tanzanian company operating in the historic Lupa goldfields further south in the country. Much exploration, of course, is concentrated on existing mine properties, with AngloGold/Ashanti and Barrick being particularly successful in pushing up resources and reserves at Geita and Bulyanhulu respectively
Finally, what are the prospects of any new mines in the near term? The best prospect seems to be Tulawaka, a deposit in which Barrick, through its subsidiary Pangea Goldfields, is in joint venture with Northern Mining Explorations, a Canadian explorer. Located about 200 km to the west of Bulyanhulu and 160 km south-west of Mwanza, gold mineralisation was discovered on the property (which had no history of artisanal activity) in September 1998 by drilling soil geochemical anomalies outlined over the area in the previous year.
A feasibility study on the high grade East Zone resource at Tulawaka, which hosts indicated resources of 1,71 Mt averaging 14,9 g/t, is currently at an advanced stage. Met-Chem Canada has been retained to carry out open-pit mine design while Ausenco of Australia has been retained to prepare a conventional gravity and CIL process design for a 1 000 t/day plant. The cost of the proposed mine is put at around US$31 million. Micon International, a Toronto consulting firm, has been retained to consolidate the work done for the feasibility study and produce a final report.
No time frame has been released for the project but it certainly seems possible that work on the mine could start this year and, indeed when African Mining, was in Tanzania recently it heard that tenders had already been invited from open-pit mining contractors. If Tulawaka does get the go ahead, it will be Tanzania’s sixth new gold mine and confirm the country’s status as one of the world’s fastest developing gold mining regions.
Report by Arthur Tassell
Trading Spotlight
Sind ja hammer Umsätze!!! Und wo bitte kaufen?
MfG Zet
MfG Zet
44 Millonen Stücke wurden umgesetzt, in der Historie des Charts sind im August des Jahres 2003 ca. 33 Millonen Stücke umgesetzt, darauf folgte eine 700 % Steigerung.
Übrigens: Auch Barrick Gold hat ein Joint Venture mit Sub Sahara, seit einiger Zeit wird über eine Übernahme gemunkelt!
SF
Übrigens: Auch Barrick Gold hat ein Joint Venture mit Sub Sahara, seit einiger Zeit wird über eine Übernahme gemunkelt!
SF
War bisher auch in Deutschland fair gepreist.....
SF
SF
0,034 wäre Parität!Evtl. kann man mit 0,03 noch zuschlagen,da noch viele Schnarchsäcke unterwegs sind
In Frankfurt gibt es welche für 0,029, ich hoffe das sind meine.......
#10 Der makler in frankfurt scheint an Unfähigkeit wieder mal nicht zu überbieten zu sein.Wartet so lange bis wir bei der Parität angelangt sind
@Dersisco,
bekomme meine Stücke auch nicht, gehe nach Berlin....scheiss auf die 4/10 Cent!
SF
bekomme meine Stücke auch nicht, gehe nach Berlin....scheiss auf die 4/10 Cent!
SF
Habe auch versucht, in Frankfurt für 0,029 zu kaufen.
Für 0,30 habe ich nach längerer Wartezeit welche bekommen.
Für 0,30 habe ich nach längerer Wartezeit welche bekommen.
Scheint nicht viel im Verkauf zu sein.
Noch unter Parität
#15 Kursziel heute noch 0,04!
In Frankfurt hat soeben jemand 110.300 Stücke für 0,035
verkauft! BID/ASK war bei 0,035/0,040 !!
verkauft! BID/ASK war bei 0,035/0,040 !!
In Berlin gibt es nichts im Verkauf.
Jetzt rollt der Zug!
Hochgetaxt
Nach Sub-Sahara wird jetzt Investika 863324 anspringen, die Gründe dafür werde ich in kürze reinstellen!
Denkt an Investika
SF
Denkt an Investika
SF
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