Marlin mine operates as a combination open pit and underground mine. Situated in the western highlands of Guatemala, the mine has been in production since December 2005. Construction of a water treatment plant was advanced during 2008 and the facility is expected to be operational during the first quarter of 2009. In 2008, exploration continued to focus on the West Vero zone, West Marlin extension and the Coral drift.
Marlin continues to be a strong performer with a 12% increase in production anticipated for 2009. Total cash cost per ounce of gold was a very low $191 in 2008. Production from the mine is expected through 2015.
Alumbrera mine is an open pit copper-gold mine operated by Xstrata, situated in northwestern Argentina in a valley west of the easternmost range of the Andes at an elevation of 2,600 metres above sea level.
During 2008, Alumbrera completed commissioning of a new molybdenum plant, producing 450 metric tonnes of molybdenum concentrate in 2008. The molybdenum concentrates are trucked to Chile for processing.
Expected decreases in copper and gold production in 2009 are consistent with a general downward trend in metals production over the mine’s remaining eight-year life.
The Cerro Blanco project is located approximately 80 kilometres east of Guatemala City. At this time, the concept for Cerro Blanco is an underground mine with a conventional milling facility. Permitting for the project was completed in 2007 and development of two declines to access the ore body for samples began in 2008. The samples will help finalize
the optimal design of the mine and processing facilities.
Geothermal exploration drilling was initiated in the fourth quarter of 2008 with the first well reaching a depth of over 1,000 metres by year end. A full feasibility study for this potential geothermal power resource is planned to be completed pending the results of exploration drilling.
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