Kazakstan Goldfields Ready to Export Gold.TORONTO--(BUSINESS WIRE)--Nov. 6, 1996--Kazakstan Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Corporation's (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. KGFC.) gold production for the months of September and October was 8,850 ounces, and it is expected that by the first quarter of 1997, the combined production from its mining operations will be approximately 12,500 ounces per month or 150,000 ounces per year. The Company is pleased to announce that it has received authorization The right or permission to use a system resource; the process of granting access. See access control. from the Government of Kazakstan to export both refined gold and unrefined gold concentrates. Kazakstan Goldfields holds a 75 percent interest in three operating mines located in the Akmola District of north central Kazakstan. These mines - Aksu, Bestobe and Zholymbet - were placed back into production earlier this summer and, as of October 31, were operating at approximately 60 percent of planned capacity. The three mines are currently processing 1,550 tonnes per day and are on schedule to achieve a combined daily throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. of 2,700 tonnes by the first quarter of 1997. The President of the Company, Charles Pitcher, stated that "we are making great strides at controlling operating costs operating costs npl → gastos mpl operacionales and within the next 3-6 month period, our cost per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. will be below US$250 per annual ounce of production." The Company has recently commissioned an independent technical study to double current operating capacities. The mine expansion program will also include processing the mine tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. at each mine site. Current underground reserves at the three mines exceed 3 million ounces, while the tailings contain in excess of 750,000 ounces. The technical study is scheduled for completion by December 15, 1996. Kazakstan Goldfields which is currently the largest gold producer in Kazakstan has also undertaken a preliminary drill program on two of its gold prospects located within its exploration licence (encompassing 12,500 sq. km). CONTACT: Kazakstan Goldfields Corporation Charles Pitcher, 416/ 867-2936 www.griffisint.com for corporate information |
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