A new report by Mine Development Associates estimates Las Cristinas’s proven and probable reserves at 16.9 million ounces of gold with measured and indicated ounces at 20.76 million ounces.
Author: Dorothy Kosich
Posted:  Tuesday , 25 Sep 2007

RENO, NV -

While proven and probable reserve estimates from Crystallex's Las Cristinas mine have been increased to nearly 17 million ounces of gold, President and CEO Gordon Thompson said Monday said he has no idea where the project will receive its final permit.

In a presentation to the Denver Gold Forum, Crystallex (TSX, AMEX: KRY) announced that Mine Development Associates of Reno has also updated Las Cristina's measured and indicated resources to 20.76 million ounces of gold. However, estimates for operating costs increased 28% to $9.81 per tonne of ore.

Richard Spencer, Crystallex's Vice President Exploration, said the project has an estimated 65-year mine life with $244/oz average operating costs for the first five years and an average $340/oz cost over the life of the mine. He attributed the $79/oz per cost increase to higher prices for cyanide and steel.