Canada's Calibre Mining bought from B2Gold Nicaragua, the El Limón and La Libertad gold mines, as well as the Pavon project and other concessions, in a transaction that totaled $100 million.
The El Limón and La Libertad mines have produced more than 1.4 million ounces of gold since 2010, and their combined production of gold in 2019 is projected to be between 150,000 and 160,000 ounces, the company said in a statement.
The Canadian company B2Gold, which operates the Limon and La Libertad mining projects in Nicaragua, has announced higher revenues and production.
In the third quarter of 2011, the company’s gold mines produced a total of 34,303 ounces of gold and generated revenues of $50.5 million. This represents a 13% increase in production and a 26% increase in revenue, compared with the same period in 2010.
Calibre Mining Corp. and B2Gold and have begun the second phase of exploration of the Primavera gold and copper mine.
In a press release, Calibre explained that this phase of exploration has an available budget $441,000, and that they will focus on three areas that show a potential of up to 1.48 grams of gold per ton.
Calibre will act as the project operator, via a purchase option agreement with B2Gold, which could leave them with 51% of concessions in the Borosi area subject to financing $8.32 million worth of costs by June 2014.
After achieving record results in 2010, the Canadian mining company has announced investment plans for 2011 at its La Libertad and Limón mines.
B2Gold expects to produce between 88,000 and 94,000 ounces of gold from the La Libertad mine located in the central Nicaraguan department of Chontales, just north east of the lake. Meanwhile, at its Limón mine, located near León, it hopes to produce between 42,000 and 46,000 ounces.
The Orosi Mine, owned by Canadian corporation B2Gold Corp., commenced gold and silver production.
According to a press release issued by the company, the first dore bar was produced on January 5th, 2010.
B2Gold expects to produce approximately 80,000 to 90,000 ounces of gold per year at an estimated average operating cash cost of approximately $465 per ounce with an initial seven year mine life.
Its owner, Canadian company B2Gold, estimates 2010 production in 120.000-130.000 gold ounces for its two mines in the country.
In a press release, B2Gold announced that mining project Orosi is 95% ready, could begin operations in November, and has had a construction cost of $62 million.
B2Gold expects to output 120.000-130.000 gold ounces in 2010, out of which 80.000-90.000 will come from Orosi, and the remaining from mining project Limón.