Jipangu currently owns two gold mines, namely Florida Canyon and Standard Mine., to produce gold in Nevada and the US,
Jipangu’s Two Gold Mines
|Name of Gold Mine||Reserve||Resource|
|Florida Canyon||832,00 ounces||746,700 ounces|
|Standard Mine||292,00 ounces||14,300 ounces|
|Total||1,124,800 ounces||761,000 ounces|
1. Reserve: Amount of economically minable gold at the nominal gold price
2. Amount of gold ore in the crust
Approximately 3.5 million ounces of gold has been mined at Florida Canyon and Standard Mine. Given the amounts of ore at the mid area between the two mines, combined with the potential amounts of sulfide ores, our gold mines will join the world’s class gold mines.
Florida Canyon is about 68 kilometers southwest of Winnemucca, northeast of the State of Nevada. For the past 25 years, this open pit mine has produced 3.3 million ounces of gold, of which 2 million ounces has already been recovered.
Currently, mining at Florida Canyon has been terminated, but gold recovery from loaded ores is ongoing (with 20,900 ounces planned to be produced in 2011). The permit for the leach pad expansion is required in order to restart mining operations. It is expected to be issued by the first quarter (January to March) of 2014. To meet this end, we are working steadily on necessary procedures such as the environment assessment and the formulation of reclamation planning.
Standard Mine, an open pit mine, is approximately 8 kilometers south from Florida Canyon with about 290,000 ounces of gold reserve.
With the leach pad expansion scheduled in the first half of 2011, Standard Mine will have a capacity to load the whole ore which will be mined by the first half of 2014. We are working steadily on the operation.