Pana Mining Holding Group Reports Gold Production Update
Pana Mining Holding Group has completed importation and deployment of new processing units at Bolivian properties.
Panama, July 5, 2016 (Newswire.com) - Pana Mining Holding Group Corporation is pleased to report that, following the recent importation and deployment of 9 state-of-the-art ore processing units at a number of its properties in Bolivia, it will be upgrading its gold production projections for the current year.
The 9 Gold Cube Micro Gold processors have been stationed at several mines and are processing approximately 1.5 metric tons of ore each hour. The marked increase in processing capacity means that overall group production has increased by an additional 27 troy ounces of gold per day.
The news comes as the price of gold on global markets has increased by 25 per cent since the beginning of 2016 to stand at $1341.00 per ounce at the time of writing.
The likelihood of further increases in US interest rates this year appears to have receded and gold has reasserted its traditional role as an investment safe haven in times of global economic uncertainty and when more accommodative central bank monetary policy is expected.
The additional production across Pana Mining Holding Group’s various properties in Bolivia will mean an extra 700 to 800 troy ounces of gold per month, which translates to over a million dollars per month in additional revenue.
Alan Gibson, Pana Mining Holding Group’s COO says, “Certainly, the increase in production couldn’t have come at a more opportune moment. Higher production and a higher price for that product is a combination that any miner relishes.”
Pana Mining Holding Group expects to reveal further production-related updates in the coming months as additional capacity is added at operations throughout the Americas.
Source: Pana Mining Holding Group Corporation