Newlox Gold Ventures Corp (CSE: LUX) this morning provided a brief update on its production facilities located in Costa Rica. The firms first facility, simply referred to as Project 1, has reportedly seen its highest level of productivity to date.
Productivity is reportedly accelerating according to plan, with the firm having transitioned to commercial operation earlier this year. The first plant, at full capacity, will be able to process 80 tonnes per day of feedstock that is expected to result in 6,500 ounces of gold production on an annualized basis. The first remediation and precious metal production facility is believed to be on path to full-scale operations by the end of the first quarter.
Commissioning of Plant 2, which has also gone by the name of the Boston Project, is progressing to plan as well, with commissioning set to officially start in the second quarter with full-scale operations slated to be underway before the years end. At full capacity, the facility will be capable of processing 150 tonnes of feedstock per day for an annualized yield of 20,000 ounces of gold. Further details are to be released in the near term in relation to development progress.
“We are delighted to report that Newlox Gold’s first environmental remediation and precious metals recovery plant has attained its highest level of productivity to-date. While current market conditions show some weakness, we believe that Newlox benefits from a core group of highly supportive shareholders who have great conviction over the long term. Although the gold price is down, it is significantly above the levels applied in our economic models and remains far above our requirements to grow the business.
We are at an early stage in advancing our growth strategy, and we are looking forward to delivering quarter-after-quarter of growth not only from Project 1, but also from the upcoming Project 2, and further from a robust pipeline of expansion opportunities currently in due diligence.”Ryan Jackson, CEO of Newlox Gold
Newlox Gold Ventures last traded at $0.245 on the CSE.
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