Vatukoula Gold Mines Limited has projected that their next seven years of operation in Fiji will be productive as they have recorded an increase of twenty five percent in gold production for the last four months.
Chief Executive, David Paxton responding to questions from Fijivillage said that they have forecasted a 25% increase that will bring in 25, 000 ounce.
For this year 2010, Vatukoula Gold Mines has mined over 20 thousand ounce of gold mined for the first quarter of this year since August, raking in over $17 million.
According to Paxton, the Mine has set themselves a target of annual production rate of 100,000 ounce of gold per year after exceeding gold production prediction for last year by more than 9,000 ounce, for the period ending August 2010.
Paxton added this means that the future of Vatukoula is secure as the company has current proven & probable reserves that will provide for production for a further 7 years.
He also reveals that the company is so confident in Fiji and the mine, so they are now looking into the potential for future expansion with an exploration program that will be started early in the new year.
The Vatukoula mine recovered a total of 21,107 ounce of gold, bringing the total for the 12 months to end August to over 59,000 ounce.
Story by: Paradise Tabucala
