Sterlite Gold Limited is a Canadian company whose strategy is to find, acquire, develop and operate gold mines in Asia and the Former Soviet Union... Armenia
Gold production began at the new Ararat plant in February 1998. This $12 million facility is believed to be the first gold plant constructed in the Former Soviet Union by a western company that was built on budget. Gold production is initially forecast to be 30,000 ounces per year at a cash cost of $200 per ounce. Proven gold reserve of 1.9 million ounces.
The Plant has produced 102,960 troy ounces of equivalent gold in the Calendar year 2002 and 59,345 troy ounces in 2003.
Production is planned to be expanded to 160,000 oz/yr by restarting the Zod open pit mine and processing the ore at an expanded Ararat Plant.
Dublin Gulch Gold Project, Yukon, Canada
Positive feasibility study completed March, 1997. Proven and probable reserves at Dublin Gulch are 1.51 million ounces contained gold out of 50.4 million tonnes of ore grading 0.93 gram/tonne. There is also an inferred resource (within Open Pit) that contains 190,000 ounces of gold within 7.7 million tonnes of ore grading 0.77 grams/tonne. Potential production of 135,000 oz/yr. from an open-pit mine with heap leaching. Capital cost of US$100 million, cash production cost of US$221 per ounce. Property is 100% owned by Sterlite Gold Limited Ltd.
The company has invested more than US$10 million to bring the Dublin Gulch project to the development stage and has signed a framework agreement with the First Nation of Na Cho Ny'a'k Dun. The company believes that a gold price of US$350 per ounce is necessary to support development.
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