Boston, MA 06/20/2014 (wallstreetpr) – The Colorado based Golden Minerals Co (NYSEMKT:AUMN) publicized its prospective plan for July 2014. On June 18, 2014 the mining company stated that it is going to restart mining at Velardeña Properties, which is located in Durango State, Mexico.
Golden Expects An Output Of 1.0 To 1.2 Million Silver Equivalent Ounces:
The Golden Minerals Co (NYSEMKT:AUMN) acknowledged that the mining and processing would rise to near about 285 tonnes every day of sulphide ore by mid of 2015. At that time, the company expects to get more or less 1.0 to 1.2 million silver equivalent ounces per year (including gold and silver, but excluding zinc and lead). It will cash cost of approximately $12 to $15 per silver ounce.
Positive Net Cash Flow At Velardeña:
Golden Minerals Co (NYSEMKT:AUMN) has already completed 9000-meter drilling program in Velardeña through vein systems, which is located outside the defined territory of Canadian National Institute. This very drilling program symbolizes the first known drilling of Terneras vein system sulfides in the region below the historic mine working. The company’s drilling program and mine planning; along with analysis specify that positive net cash flow can be achieved at the Velardeña Properties at present gold and silver price.
CEO Says:
The Chief Executive officer, President and Chairman or Golden Minerals Co (NYSEMKT:AUMN), Jeffrey G. Clevenger, said that the team worked assiduously on this project since the suspension of functions at Velardeña in order to reorganize the operations for a restart. A year back the Velardeña was looking at cash-cost of $30 per silver ounce, and now the company is delighted to achieve the target for $12 to $15 per silver ounce, added Clevenger.
Professionals For The Restart Plan:
Once ramped up, the restart plan can increment the cash to about $5 to $8 million per year at present market price ($1,250 per ounce gold and $20 per ounce silver). The company aims to restart Velardeña as a low-cost mine. Golden Minerals Co (NYSEMKT:AUMN) has hired a team of mining professionals to take care of the entire project.
