Adios Muchachos!! In November of 2000 Eldorado sold all of its assets in Mexico to Conservacion y Senalmiento Vial and Exploraciones Mineras del Desierto S.A. de C.V. for $500K US and forgiveness of $1.4M in debt to the purchaser. Principal asset was the La Colorada Mine. They are officially out of Mexico. (News Release 20Nov00)
Eldorado
Gold Corporation ELD
(TSE)
(CDNX)
Plans completed merger with HRC Development Corp. effective 19Nov96. Presently consolidating with Goldfields of South Africa after the Gencor/Goldfields Merger. Completed equity for asset swap with Gencor Group of South Africa in early 1996 giving Gencor 45% interest in Eldorado (and 42% in HRC). Conducts Mexican exploration work through subsidiaries Exploraciones Eldorado S.A. de C.V. and Prospectores Minerales Mexican S.A. de C.V. (NOTE: the latter being acquired in 1994 from PIC Prospectores International Corp.)
La Colorada OP/HL Au Mine, Sonora. Mine life 1994-2001. Was a super fast-track operation just 50 km SE of Hermosillo that ramped up to an expected production of 80,000 oz Au annually by 1998. Production began in January, 1994. A total of 31,128 oz were produced in 1995 (at cash costs of 209/oz); 47,219 oz in 1996 (at 224/oz). See table below for 1997-1998 costs. A $6.4 million expansion was completed in Oct. '96. They constructed 11.8 km of new highway to divert it around their proposed pit expansion which combines the El Creston and El Creston East Pits. Expanded Merrill Crow recovery plant began full production in 4Q96. A $4 million exploration and development drilling program has commenced.
In mid-1997 some high-grade Mn veins within the undeveloped Gran Central Deposit. The grades were frm 6 to 32 gpt over distances of 2.0 to 22.0m (not necessarily true thickness) in areas of old underground workingsGCN #99 23May97
The Reserve/Resource base listed in a 29Oct96 news release was as follows:
Tons Oz/Ton Au Ounces Measured 3,836,063 0.034 130,426 Indicated 18,148,547 0.034 617,051 Inferred 3,836,063 0.032 122,754 Total 25,820,673 0.034 870,231
Frank Ludeman lists reserves as 333,000 ounces at 0.031 opt in June, 1997 MBD. In the year 1999 La Colorada produced over 65,000 oz Au at a cash cost of $218/oz.
LA COLORADA 4Q97 1Q98 2Q98 3Q98 4Q98 Tonnes moved on to leach Pad 437,296 668,246 728,583 683,518 607,914 Ounces 12,232 11,870 16,596 15,257 16,051 Grade in gpt 1.04 1.03 0.83 (oops) 0.96 1.03 Cash Operating cost ($/oz) 297 236 235 237 273 Total Cash Cost 341 248 245 244 282 Total Production Cost 411 (ouch) 322 302 325 356
Press Release 8Feb99
GCN #145 29Jul98
GCN #171 5Sep97
Press Release 97-18 15May, 97
GCN #34 18Feb97
CSW 14Feb97
News Release ELD 96-49 16Oct96
NMN v82#23 08/05/96
NMN v82#19 07/08/96
NMN v82#18 07/01/96
MBD July, 96
La Trinidad, Sinaloa Au-Ag Was initially a 51/49 JV with Almaden Resources (AMH-VSE), but Eldorado bought out Almaden's remaining interests in June, 1997. Located 50 km SE of Mazatlan. Construction completed at a cost of $6.1 million. Land position in area is approaching 90 square miles (233 sq km). Expected first commercial Au in 4Q96 and 30,00 oz production (at $225/oz) in first year of its expected 4 yr mine life. Proceding on target as 4Q96 production was 6,927 oz at cash cost of $212/oz. Mineable reserves in Taunus Pit are 2.3 M tonnes at 0.058 opt Au with a cutoff of 0.015 opt and a 1.68: strip ratio. Additional resource of 360,000 tonnes at 0.036 opt in Colinas Zone A 15,000 ft RC drill program in 4Q96 expanded reserves slightly. La Trinidad produced 15,941 oz in the first six months of 1997 at a production cost of US $326/oz. Total production costs are $362 in 2Q98 due to lower grades and less ore on pads. Final pushback at both Las Taunas and La Trinidad pits has begun. La Trinidad was shut down in 3Q98 due to heavy rains and diminished reserves.
LA TRINIDAD 4Q97 1Q98 2Q98 3Q98 4Q98 Tonnes moved on to leach Pad 185,907 185,326 167,810 101,019 Nada - shut down Ounces 7,436 6,363 5,373 3,219 ----- Grade in gpt 1.73 1.59 1.02 (oops) 1.94 ----- Cash Operating cost ($/oz) 250 226 273 373 ----- Total Cash Cost 259 233 280 377 ----- Total Production Cost 350 319 348 372 ----- Press Release 8Feb99
GCN #145 29Jul98
GCN #98 22May97
CSW 14Feb97
News Release ELD 96-45 8Oct96
CSW 25Oct96
NMN v82#23 08/05/96
E&MJ May, 1996
NMN v81#51 02/19/96
La Rastra, near La Rastra, southern Sinaloa. Optioned from Miranda Industries. Includes the La Colorada concession. Liens on 4 of the 6 properties are presently being taken care of and the title of another one is being validated by the Ministry of Mines.
CSW 22Nov96
Magistral Cu-Au Project, Sinaloa. Option to earn 70% interest from Treminco Resources (TMO-TSE) in Cu-Au porphyry exploration project near Cosala. Eldorado took a $1 million private placement in Treminco which will used to fund phase II exploration on Magistral (NOTE: Eldorado now owns 22.7% of Treminco Resources on fully diluted basis).
CSW 7Feb97
NMN v82#27 09/02/96
El Pino claims: Option to earn 100% interest from Minera Cosalteca S.A. de C.V.
GCN #40 26Feb96
