Red Eagle pours first gold
November 2016: Red Eagle Mining Corporation (TSX: R; OTCQ: RDEMF) has poured the first gold at its Santa Rosa project in Antioquia, Colombia. R now plans to reach commercial production of 1,000tpd during 1Q17. The mine is expected to produce 70,000oz Au next year.
“We are extremely proud to commence production, which is a historic milestone for both Red Eagle Mining and Colombia” said COO Bob Bell.
“…we would like to thank our shareholders, stakeholders in the community, employees and contractors involved in delivering the Santa Rosa Gold Project from breaking ground to first gold pour in 14 months,” he added.
RD owns 100% of the Santa Rosa project which covers 10,000h including an area of mineralization measuring 2km by 50m wide. Construction began in August 2015 with a budget of US$74M. As Colombia’s largest gold mine it has estimated reserves at 405,000oz @ 5.2g/t Au. However, the mineralization is open at depth and R is already studying an expansion to 2,000tpd to lift production to 100,000ozpa.
On November 3rd, RD graduated from the Toronto Stock Venture (TSXV) to the main board of the Toronto Stock exchange under the ticker R. As a result of leaving the TSXV, the company’s shares are no longer listed on the Santiago Venture Market. In September, RD also listed its shares on the Lima Stock Exchange under the ticker RD.