Quebec-based miner C2C (TSX-V: CCN) expects the Bella Rica gold mine in Ecuador to reach 100,000oz/y gold by end-2008, IR officer Louis Leffard told BNamericas.
In March, C2C inked an agreement to gain a 50% interest in Bella Rica by spending US$3mn on the property to improve infrastructure and upgrade extraction and processing methods, a company statement read.
C2C must also pay US$5.6mn and issue 1mn common shares to the current owner of the mine, Inmobiliaria Buena Renta. Additionally, through the payment of US$15mn to Buena Renta, C2C can further increase its interest in the mine by 25%.
Bella Rica, which has been operating for almost 25 years, produces 20,000-25,000oz/y of gold, Leffard said, adding that a team of specialists is visiting the property to better assess current mine output.
Leffard said that in order to reach the 100,000oz target, C2C will focus on upgrading the processing of low and high-grade material at Bella Rica.