High River Gold output down on the year

First quarter output at Canadian gold mining company High River Gold decreased seven percent on the year to 84,400 ounces, according to the company’s quarterly report released on Tuesday.

High River’s gold output among the company’s Russian holdings amounted to 51,900 ounces between the months of January and March, down 2.4 percent on the year. At the Zun Kholba and Irokinda gold mines located in the republic of Buryatia, production figures stood at 31,600 ounces, while the Berezitocy mine in the Amur region produced 20,300 ounces, according to Gold.1Prime.biz.

High River has forecast increased gold production levels for 2012 between 380,000 and 400,000 ounces. Much of the production increase is expected to occur in the second half of the year following the elimination of production bottlenecks at the company’s Taparko and Berezitovy mines. High River is also planning on implementing a heap leaching process at the Berezitovy mine, which should contribute to significant production increases at the site.

High River Gold is controlled by Russian gold mining company Nordgold, a former subsidiary of Severstal, which owns 75.06 percent of the company.

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