Ascot Mining Not
Affected By New
Costa Rican
Mining Laws
Business
Financial
Newswire - Ascot
Mining says that
its Costa Rican
operations are
not impacted by
a Government
order suspending
open pit mining
as it has no
open pit mining
operations
planned.
Apart from one
other very small
operation, Ascot
is currently the
only operating
gold mining
company in Costa
Rica.
The Company says
that gold
production from
its Chassoul
project has been
considerably
lower than
forecasted, but
it is encouraged
by the progress
being made with
mine development
and mill
construction.
On May 10, 2010,
a 30.1oz ore bar
of gold was
poured. This is
an increase from
previous pours
and is a
material step
toward achieving
a satisfactory
level of
commercial
production.
At the same
time, the
Company
continues to
develop its
plans for mining
and processing
operations at
its Tres
Hermanos and El
Recio
properties.
Andrew von
Kursell, the COO
of Ascot Mining
comments: "The
announcement of
this moratorium
leaves Ascot
uniquely placed
to benefit from
the development
and operation of
its permitted
mines and
mills".
The Chassoul
gold mine is
located 70km
north-west of
the capital city
of Costa Rica in
San Jose. Owned
by Veritas Gold,
a wholly owned
subsidiary of
Ascot Mining,
the mine covers
an area of 400
ha and includes
nine identified
veins. Its
development was
initiated in
1991. Veritas
Gold commenced
production at
the mine in
September 2009.
The Chassoul
deposit is
hosted within
the Costa Rican
Gold belt, which
lies on the
western end of
the magmatic
arc. The arc was
formed due to
the continuous
subduction of
the oceanic
Cocos plate
situated beneath
the continental
crust of the
Caribbean plate. |
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