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Vietnam
Phuoc Son mill now at design capacity
OLYMPUS Pacific Minerals expected to reach its 2011 production
forecast of 40,000 ounces of gold by December 31 despite a delay
of several months in commissioning of the processing plant at the
Phuoc Son Gold Project due to record-breaking monsoon rains. The
Phuoc Son plant is the company’s second processing operation in
Vietnam behind Bong Mieu.
The Phuoc Son mill now regularly operates at its current daily design
capacity of 500 tonnes. Olympus Pacific continues to mine the Bai
Dat mine at Phuoc Son while developing the Bai Go mine that is expected
to be in production by March 2012.
During the first three quarters of 2011 consolidated gold production
was 22,067 ounces from 161,634 tonnes milled at an average grade
of 5.51 grams/tonne gold. Phuoc Son contributed 11,253 ounces,
with 162 ounces in the first quarter, 1455 in the second and 9636 in
the third as production ramped up. Bong Mieu contributed 10,814
ounces in the first nine months of 2011.
Bong Mieu gold production for the third quarter of 2846 ounces decreased
compared to the previous quarter by 1416 ounces resulting
from decrease in ore feed, recovery rate and tonnes milled during
general maintenance of the plant. Repairs and rehabilitation of the
plant began on September 22, 2011, and were completed in late October.
Activities included replacement, maintenance, and optimization
of equipment to improve gold recovery.
During the third quarter the company’s gold sales totalled 7314
ounces for proceeds of $12,464,450 with an average realized price
of US$1704 per ounce. On September 30, 2011, 6882 ounces of
gold bullion and 3132 ounces of gold dore bars were on hand. Gold
bullion can be sold and cash transferred within three business days.
Olympus is a diversified gold company focused on four advanced
properties - the Bau Goldfield in East Malaysia, the Bong Mieu and
Phuoc Son mines in Central Vietnam, and Capcapo in the Philippines.
The company expects to substantially expand its combined gold
production capacity by 2014. East Malaysia is its primary focus, and
phase one of Bau Central is now in full feasibility. Vietnam will continue
its production development activities to enable continued cash contribution
to assist in funding a significant portion of the company’s future
development expenditures.
The Phuoc Son Gold Project of Olympus Pacific Minerals in Central Vietnam
January/February 2012 | ASIA Miner | 51