For the year ended, the Tulawaka Gold Mine produced 211,373 ounces of gold during fiscal year 2008, representing an 18% increase over production the previous year. Total cash costs averaged US$212 to produce an ounce of gold during the fiscal year compared to US$271 in 2007. The average grade was 18 g/t gold (a 38% increase over the previous year) and the average gold recovery rate was 95.5% at the mill.
In terms of exploration, approximately 3,840 metres of drilling were carried out in Tulawaka’s East Zone in order to
test the extensions in depth. At the same time, 28 holes totalling 3,859 metres were drilled in the western extension of the open pit, in addition to 67 near surface definition holes for a total of 1,300 metres.
All the underground and surface drilling work in the East Zone is currently being reviewed and MDN should be
informed of the results within a reasonable time.
Exploration was also carried out on Zone T7 in 2008, representing approximately 6,300 metres of drilling, to
increase geological understanding of the mineralized structure. Results, such as 15.48 g/t gold over 5
metres and 10.7 g/t gold over 3 metres confirmed the results of the work done the previous year, where drill hole D0356 had cut an intersection of 13.5 g/t gold over 3.5 metres. The T7 gold mineralized zone can now be traced over a distance of 400 metres and remains open laterally and at depth
September 30, 2008
The mine produced 53,694 oz Au
June 30, 2008
The mine produced 67,032 oz gold with an average grade of 23 g/t at a recovery rate of 96.5%
Advanced or Above