TwinTrader.com announces the publication of ‘NovaGold Resources Begins Production at Rock Creek Mine’
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NovaGold Resources Begins Production at Rock Creek Mine
”NovaGold Resources Inc. (NG) today announced that it has received approval from state regulators to begin production at its Rock Creek gold mine near Nome, Alaska. The company is approved to begin processing and impounding ore material into its tailings storage facility. Under the Alaska State regulatory authorization, NovaGold must comply with environmental and operational procedures over the next 15, 30 and 90 days to verify its complicity with environmental regulations at the Rock Creek mine...
”The company has mined and embanked ore as part of the regulatory procedure, and has approximately 450,000 tonnes ready to process, representing 2 months of initial-stage production. All aspects of the processing facility have been inspected and commissioned. The Nome Operations team has begun production; and the company foresees scaling up its processing during the forth quarter of 2008...
”Full production at the Rock Creek mine is anticipated to produce approximately 100,000 ounces of gold, annually. NovaGold has estimated life-of-mine costs of US$500 per ounce. At the current gold price of $850 per ounce, the Vancouver, British Columbia-based mining company anticipates between $25 and $35 million in cash flow on a yearly basis…”
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