Greenstone Resources makes 1st shipment of gold

MANILA, Philippines - Miner Greenstone Resources Corp. has completed its first shipment of gold from the Siana gold mine in the province of Surigao del Norte.

Mines and Geosciences Bureau director Leo Jasareno said in a text message to reporters that the miner’s first shipment consisted of gold and silver dore bars of 421.7 ounces of gold and 4,380.5 ounces of silver to Switzerland.

“The value of the first shipment is $829,083.37,” he said.

The shipped dore bars, he said, were produced from the Siana gold project in Mainit in Surigao del Norte.

Production in the site involves an open-pit operation followed by an underground mine, with the ore treated through a modern gravity and carbon-in-leach plant to produce gold dore.

Given the production of Greenstone Resources, Jasareno said the country now has a total of 32 operating metallic mines.

Greenstone Resources manages the operations at the Siana gold project.

Red 5 Ltd. of Australia holds a 90-percent beneficial interest in the project through Greenstone Resources.

The Siana gold project is designed to produce a minimum of 849,000 ounces of gold at a cash cost of $400 per ounce over a 10-year life.

Red 5 said on its website that extensions to the mine life of the Siana gold project are currently under review.