Halifax, Canada — MININGREVIEW.COM — 12 August 2008 – Etruscan Resources Incorporated – a diversified mining company targeting gold in West Africa and diamonds in South Africa – expects to produce 40 000 oz of gold this year at its new Youga mine in Burkina Faso.
Revealing this here in an interview with Bloomberg News, Etruscan CEO Gerald McConnell said the Youga mine – which poured its first gold last month – is expected to produce as much as 90 000 oz of gold annually during its estimated 10-year life-span. “We’re trying to ramp up production and have positive cash flow by the early part of 2009,” he added.
A Canadian junior mining company, Etruscan has been operating in west Africa for 14 years, mainly in Niger where its Samira Hill mine is expected to produce 70 000 oz in 2008, according to company’s Website. The company plans to complete a feasibility study by the end of this month on its Ivory Coast concession at Agbaou, 200 km northwest of Abidjan. Etruscan is expected to begin production at Agbaou in first half of 2010.
The company – whose shares trade on the Toronto Stock Exchange – is also exploring at sites in Mali and Namibia, and has a joint venture diamond-mining operation in South Africa through its subsidiary, Etruscan Diamonds Limited.