Mining giant Golden Star has reached an important milestone as its Prestea Underground Mine in the Western region achieves commercial production.
The project construction of the Prestea Underground mine, including the installation of all ancillary infrastructure has been completed.
Operational and gold production is expected to continue to ramp up during the year 2018.
Exploration drilling is underway at the mine with the objective of increasing the annual production rate and extending the life of the mine.
The West Reef ore body of Prestea Underground has Proven and Probable Mineral Reserves of 1.09 million tonnes of gold at 13.93 grams per tonne of gold.
President and CEO of Golden Star, Sam Coetzer, noted: “Achieving commercial production at Prestea Underground is an important milestone in Golden Star’s transformation into a high grade, margin-focused gold producer.
“It is also a significant historical moment for the Prestea community as it has been over 15 years since the mine was previously in commercial production. I would like to thank our host communities for their continued support during the construction and commissioning periods.”
The 2018 production guidance for the Prestea Complex which includes Prestea Underground and the Prestea Open Pits is between 93,000 and 113,000 ounces of gold at a cash operating cost of $740-880 per ounce.
Golden Star will release its 2017 full year and fourth quarter report after market close on February 20, 2018.
Source: Ghana/Starrfmonline.com/103.5FM
