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:: Gammon Lake Announces Open Pit Mining and Commencement of Heap Leach Operations at the Ocampo Gold-Silver Project
Gammon Lake Resources Inc. is pleased to announce that the Company poured its first dore bars at the Company's 100% controlled Ocampo Mine, located in Chihuahua, Mexico. The first metal removal from the Ocampo heap leach pregnant solution has resulted in significant metal recoveries, as Kappes, Cassiday & Associates' (KCA) metallurgical testwork indicated. The first dore bar of the pour weighed 100-kilograms (normal bar weight for Ocampo), containing approximately 7% gold and 93% silver and is valued at approximately US $158,000. The total value of metal recovered in today's pour is estimated at approximately US $400,000.
Based on the ore that was placed under cyanide irrigation on the heap leach pad, KCA has advised that approximately 20% of the gold and 8% of the silver was recovered by the Merrill Crowe recovery plant. The standard leach cycle is 120 days. These recoveries were attained in a 7 day period.
"This first gold pour is an event of great significance in the development of the Ocampo Mine and the growth of Gammon Lake," commented Fred George, Chairman and President, who was on-site to witness the first dore bar being poured. "This represents a key step in the Company's strategy to become a mid-tier precious metals producer, and is a testament to the highly skilled and dedicated team we have assembled at Gammon Lake. We remain confident of achieving our goal of producing more than 300,000 gold equivalent ounces (190,000 ounces of gold and 6.6-million ounces of silver) in our first year of operation, ranking Ocampo one of the largest producing gold mines in Mexico."
Gammon Lake anticipates the frequency of gold-silver pours to increase to a daily event over the next month, as solution values in the heap leach steadily increase.
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