| Cresson Mine Will Pour 2 Millionth Ounce of Gold in 2004 |
|
|
VICTOR, CO - 2004 is the 10 year anniversary of the commencement of mining at Cripple Creek & Victor Gold Mining Company’s Cresson mine. 2004 will also see the pouring of the 2 millionth ounce of gold from the Cresson. In 2003, the mine produced 348,914 ounces of gold and 174,457 ounces of silver. The new processing facilities which came on line in 2003 performed exceptionally, and along with the new haulage fleet production improved to budgeted levels. The 300 ton capacity haul trucks are 25’ high and 47’ long and are capable of holding one million pounds fully loaded. Ore was placed on Phase IV extension of the leach pad in 2003 and expansion of the leach pad continues. The mine site and production facilities operate 24 hours a day and are the only large scale gold mining operation in the state. CC&V is operating under
numerous State and County permits with a mine life currently estimated to
include active mining until the year 2012. The company is exploring
opportunities in the District and evaluating the potential for feasible
extraction of any additional discoveries. Potential exists for additional
areas that may be mined using surface techniques.
CC&V has extended drilling to greater depths to begin to define what may be
underground mineable areas. While underground mining requires higher grade
ores and a new capital investment, the history of mining in the District and
exploration work indicates that higher grade ore may exist at depth. If this
is the case, the mining life of the District could be extended even further
with the reintroduction of underground mining.
Extensive monitoring and daily environmental testing assures that the
operation remains in compliance with tough local, state, and federal
licenses and standards. CC&V manages an ongoing reclamation program that
tracks mining activity, reshapes contours, redistributes topsoil and plants
native trees, shrubs and grasses. To guarantee funding for the reclamation
efforts, CC&V has posted a reclamation bond with the state in the amount of
$40 million and it will reach $52 million by 2012.
CC&V is the largest private employer in Teller County, with 328 people
employed in support of mining operations. CC&V is a joint venture between
AngloGold (Colorado) Corp. based in Greenwood Village and Golden Cycle Gold
Corporation, based in Colorado Springs. The joint venture is managed by
Anglogold North America Inc., a subsidiary of AngloGold Ltd.
In 2004, the employees of CC&V will continue their individual commitments to
their community and their jobs. Many employees volunteer significant time
and energy to the communities. For example, close to 5,000 hours of
volunteer time was spent with over 90 important community groups and
activities in 2003.
|
P.O. Box 1630, Castle Rock, Colorado 80104-6130 USA
Telephone: 303-663-7820 • Toll Free: 800-441-4748
Fax: 303-663-7823
|
|
