Mining News: News Nuggets: Willow Creek Mine on fast track

Miranda Gold Corp. March 3 said Gold Torrent plans to fast-track the Coleman gold deposit at the Willow Creek property into production in 24-30 months. Initial production estimates are for 21,000 ounces of gold annually from the mining and milling of 150 tons per day at the Southcentral Alaska project. Gold Torrent, which anticipates that gravity methods can achieve greater than 80 percent gold recovery, believes that the lack of chemicals should expedite permitting. A new resource estimate for the Coleman deposit is anticipated within two months. Miranda said a feasibility study scheduled for completion by mid-year will provide shareholders of both companies with insight into the financial parameters of mining Coleman. In addition to activities associated with mine planning and permitting, Gold Torrent will investigate the possible rehabilitation of the Enserch tunnel to access the Lucky Shot vein system for production and drilling. According to an agreement with Miranda, Gold Torrent will fund US$10 million of expenditures to incrementally earn a 70 percent joint venture interest in Willow Creek.

- Shane Lasley