Tamaya Resources (ASX:TMR) Shareholder Briefing - Punitaqui OperationsThursday July 17 11:17 AMMine production and grades continue to show a pleasing trend, with mined production up more than threefold in June 2008, from levels achieved twelve months earlier. This confirms the successful implementation of a new mine plan, with substantially increased development metres to prioritise development of higher grade stopes. Plant production has shown a positive trend since the beginning of 2008, and while plant availability does require improvement, the company has committed to an upgrading of maintenance functions and capabilities that will drive improvements in availability. This is expected to show results during the second half of the year. The installation of Mill 10, the second of the large 14' x 19' ball mills, will commence by the end of July and is expected to be commissioned into production after a three month project schedule managed by a Chilean engineering contractor. While Mill 10 will not be operating at full capacity due to a bottleneck at the filters (to be addressed as part of our Project 4000 in 2009), an additional 300-500 tonnes throughput per day will pay for the project in fewer than three months at current prices. Cash costs have reduced to US$2.15/lb in June, a reduction of 10% on the level demonstrated in the March quarter. Improvements in mill availability and throughput should continue to drive cash costs to lower levels in the coming months. The positive trend in Punitaqui performance is expected to be continued in the September quarter, and further updates will be made when available. About TAMAYA RESOURCES LIMITED: Tamaya Resources Limited, formerly SMC Gold Limited, is involved in the activities of gold and copper mining, and mineral exploration. The Company's controlled investments include Rishton Gold Pty Ltd, which is engaged in administration; SMC Gold Chile Limitada, which is a holding entity; Punitaqui Pty Ltd, which is engaged in mining of copper; Compania Minera Tamaya SCM, which is engaged in mining of copper and gold; Compania Minera Punitaqui SCM and Compania Minera Los Mantos, both of which are engaged in mining of copper. In August 2007, the Company announced that it has concluded an agreement with Latitude Resources plc for the acquisition of an interest in Latitude's Chilean subsidiary, Latin American Copper Chile S.A. Contact: Hugh Callaghan Executive Chairman Tamaya Resources Limited Investor Relations: Radar Investor Relations TEL: 1 800 688 788 Source: TAMAYA RESOURCES LIMITED Copyright (C) 2008 ABN Newswire. All rights reserved. |
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