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Lappland Goldminers AB Lappland Goldminers AB (publ), listed on First North and the Norwegian OTC list, started, on June 4, beneficiation tests on low-grade material, by previous owners, classified as waste rock. Preliminary results indicate a head gold grade of 0.4 to 1.2 g/ton.
The Company is working in accordance with previously released information to re-start the production. The beneficiation tests are carried out with low-grade material which has been deposited and previously classified as waste rock. Evaluation of the preliminary results, carried out during 7 working days, between 4 and 12 June, show that around 6 kg of gold has been produced, at a cost of 0.6 MSEK, 68 SEK/ton, or a cash cost of appr. 520 $/ounce. That means that all "waste rock" with a grade higher than 0.4 gram Au/ton can be processed with a profit. In total 9 000 tons have been processed. 4 Million tons of waste rock is left from the previous owner's production, of which at least 25% is considered to have potential for economically viable production.
- Our interest in what previously has been classified as waste rock is based on our experience in mining. The tests will be carried out during the month of June, and the results will be incorporated into future production plans, says Lappland Goldminers CEO Karl-Åke Johansson.
The operation in Pahtavaara includes mine, processing plant and a number of exploration permits. The operations will be run by the wholly owned subsidiary Lappland Goldminers OY. The Pahtavaara gold mine has historically a production level of around 30,000 oz, approx. 1,000 kg, of gold per year, at a cash cost of USD 500/oz. Lappland Goldminers acquired Pahtavaara in April 2008, for 3.1 Million Euro.
For additional information about our exploration methods, the project and about the Company please visit our web site.
For additional information: Karl-Åke Johansson, CEO Tomas Björklund, Board Member Ph. 0950-275 01, 070-625 22 57 Ph. 070-662 35 35 karl-ake.johansson@lgold.se tomas.bjorklund@lgold.se
Also please refer to: www.lapplandgoldminers.com About Mangold Fondkommission: www.mangold.se
Lappland Goldminers AB is an exploration company and, through the acquisition of the gold mine and processing plant Pahtavaara in Finland, also a producing mining company. The operations in Pahtavaara are run out of the wholly owned subsidiary Lappland Goldminers OY. The company is listed on the market place "First North" under the name GOLD, with Mangold Fondkommission AB as the Certified Adviser, as well as the OTC list of the Oslo exchange. Lappland Goldminers has secured a number of gold deposits along the so-called Guldlinjen ("The Gold Line") in Västerbotten. The Company's strategy is to develop a profitable, producing gold company with a centrally located processing plant in Fäboliden, Sweden, in the Haveri area in Finland, and Pahtavaara in northern Finland, which is supported by ore from one or several mines either through the Company's own exploration or alternatively through acquisitions. Lappland Goldminers is a member of SveMin, the trade association for mines, minerals and metal producers in Sweden and follows SveMin's reporting rules for public mining and exploration companies.
