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Akrokeri-Ashanti
Gold Mines Inc. ("AAGM") is an independent Canadian gold producer
that is a pioneer in large-scale alluvial gold mining. The Company
owns an 85% interest in the Bonte Gold Mine and a 90% interest in the Goldenrae Mining
properties, located in Ghana, West Africa. AAGM also has
exploration projects in both Ghana and Peru.
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AUGUST
29, 2003
New
Mining Equipment In Operation At Mine
Gold
production at Akrokeri-Ashanti Gold Mines Inc’s Bonte Mine for the
second quarter of the year was 9,774 ounces, compared to 11,870 ounces
produced in the second quarter of 2002. This 18% decrease in production is
a result of lower volumes of ore to the plant due to the shortage of
dependable, operating mining equipment. The Company realized an average
price of U.S. $350 per ounce of gold during the second quarter of 2003
compared to an average realized price of U.S. $313 per ounce for the same
period in 2002.
The average mine cash cost to produce an ounce of gold in the
second quarter of 2003 was U.S. $375 compared with U.S. $266 for the same
period in 2002.
The increase in the cost per ounce is a result of increased total
production costs, primarily equipment rental and contract mining costs,
and decreased total production.
During
the second quarter, the upgraded recovery system continued to operate
well, with gold recoveries in excess of 90% of contained gold.
The processing plant operated well below capacity
because of a shortage of ore due to the mining equipment shortage.
The new leased mining equipment delivery was delayed but it began
to arrive late in June.
By mid-August, the two new excavators and six new haul trucks were
in full operation at the Bonte Mine.
This helped boost gold production in July, 2003 to 4,123 ounces,
27% greater than the second quarter monthly average.
Two additional trucks will arrive in early September and the final
two trucks are scheduled to arrive in late September.
At that time, Management's goal is to produce at an average rate of
5,000 ounces of gold per month.
For
the rest of 2003, Management's efforts will continue to be focused on
stabilizing gold production at the Bonte Mine at 5,000 ounces per month,
to increase cash flow and reduce debt and to maximize its opportunities to
exploit the value in the Goldenrae properties and the hard rock potential
on the Esaase Mining Lease.
Akrokeri-Ashanti
Gold Mines Inc. operates through its three principal subsidiaries:
(i)
Bonte Gold Mines Limited, an 85%-controlled Ghanaian subsidiary that
operates the Bonte Gold Mine and holds a 30-year mining lease on the
Esaase property;
(ii)
Jeni Gold Mining Limited, a 90%-controlled Ghanaian subsidiary that holds
100% of the surface rights to the Jeni property, which is adjacent to the
Esaase property; and
(iii) Goldenrae Mining Company Limited, a 90%-controlled Ghanaian subsidiary that holds 30-year mining leases on the Kwabeng and Pameng properties. |
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Akrokeri-Ashanti Gold Mines Inc., John de Boer, Chairman,
T:+! (905)
669-9455 |
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