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McWatters is a Canadian gold producer with reserves close
to 1 million ounces of gold and total reserves and resources of
approximately 2.4 million ounces of gold (excluding inferred resources of
approximately 2.7 million ounces of gold). The Company is currently
operating the Sigma-Lamaque Complex located in Val-d'Or, Quebec. |
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McWatters Reports |
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FEBRUARY 13, 2003,
Nearly all the $34m development and expansion work at the
Sigma-Lamaque Complex was completed during the last quarter of 2002,
enabling McWatters to restart the Sigma mill on November 27, 2002 – on
time and withing budget.
The first gold pour took place on December 24, 2002 since
when gold has been poured every week. The Sigma mill reached commercial
production levels at the end of January, and a production rate of 4,000
tonnes per day is expected before the end of the first quarter in 2003.
Recovery is averaging 95% and progressing towards the expected recovery of
96%. Mill availability continues to increase and now exceeds 90%.
In December 2002, McWatters received the results of a
feasibility study by SNC-Lavalin for their underground project on the East
Amphi property, which is located 26 kilometers from the Kiena mill. The
initial capital investment for the East Amphi mine and infrastructure
would be approximately $13.5 million. The mine, which could be operational
within six months after the beginning of construction, would yield
approximately 48,000 ounces of gold per year at a cash operating cost of
US$215 per ounce.
With the resumption of operations at the Sigma mill, the
stage is set for optimism and growth in 2003.
In an industry environment where gold prices have reached
multi-year highs, McWatters will focus on achieving its growth objectives
by optimizing production at the Sigma-Lamaque Complex, proceeding
expeditiously with the East Amphi project to bring it
into production by 2004, and by revaluating the entire Kiena mining
complex in light of new resource calculations and the higher price of
gold. |
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McWatters Mining Inc., Remi Provencher, Vice-President, Finance. T: (514) 879-1409 |
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