La Camorra Mine

Despite lower gold production, the La Camorra showed increased gross profit during the first quarter of 2008 compared to the same period a year ago, primarily because of the higher average gold price and a 48% improvement in gold ore grade. The ore grade has increased because production has transitioned from the La Camorra mine to the higher-grade Mina Isidora. Gold production at the La Camorra unit decreased in the first quarter of 2008 to 17,089 ounces, compared to 31,479 ounces of gold produced in the first quarter of 2007. In 2007, it produced 87,490 ounces of gold. The average total cash cost per ounce of gold increased from $345 per ounce in 2006 to $537 per ounce in 2007 as a result of higher transportation, labor, and supplies costs, as well as distribution of fixed costs to fewer gold ounces. Gold production decreased from a total of 160,563 ounces from La Camorra in 2006 as the known existing reserve at the La Camorra deposit was exhausted, and all production was shifted to Mina Isidora. Production at Mina Isidora was also impacted by a road blockade during much of the second quarter of 2007, which disrupted access to the mine. The mine went back into production in mid-July. Drilling to the west and along strike of Mina Isidora - which is part of the La Camorra unit - has identified a new gold-bearing structure in the footwall of the existing mine. This shear was intersected by five drill holes, with the best intersections over 2.1 m grading 39.9 g/t Au and 1.53 m grading 19.9 g/t Au. Drilling below the S vein at Mina Isidora intersected 3.21 m grading 23.4 g/t Au along plunge of the existing resources.

Voters in Venezuela have narrowly defeated a major overhaul of the nation's constitution, the first major electoral defeat in the nine years of the presidency of Hugo Chavez, writes Mineweb.

Idaho-based Hecla Mining Wednesday reported its second highest record quarterly revenue and lowest silver cash costs ever in 116 years. During the second quarter Hecla survived a round of disputes over its staffing cutbacks to realize more support from national and local governments and local institutions, writes Mineweb.