Its pretax loss for the six months to
The company's main project is the Palito gold mine in the Tapajos region of northern
"The end of July also saw the completion of the Carbon in Pulp cyanide leaching tanks, which we will begin commissioning this month, and we expect this to increase gold recoveries to over 90%," Chief Executive
The company said it produced 3,242 ounces of gold in the second quarter, meaning it has produced 5,542 tonnes so far in 2014. It said it has recognised
"With expanded milling capacity and the start of gold production from the CIP circuit during the third quarter, I anticipate a strong second half of 2014," Hodgson said.
The company also has another exploration area 23 kilometres south west of the Palito mine, called Sao Chico. Development at this site was delayed by heavy rains earlier in the year, but is now progressing well as the ground dries out quickly, the company said.
"Development work at Sao Chico is now progressing well, with a surface drill programme planned for later in the third quarter of this year and I look forward to providing shareholders with an updated geological resource for Sao Chico by the end of the first quarter of 2015," Hodgson said.
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