Colossus Minerals (TSX:CSI,OTCQX:COLUF) reported the status of development at Serra Pelada: critical milestones remain on schedule and an experienced team of professionals, both in the underground operations and overseeing surface construction, remain in place despite the management changes announced last week.
As quoted in the press release:
• Secondary development to access the bulk sample is well underway with just over 100 metres left to reach a new and deeper part of the Central Mineralized Zone providing a larger horizontal and vertical panel from which to extract a more representative sample.
• The bulk sample will consist of approximately 1,500 tonnes of material, a portion of which is to be collected and sent for testing to Metsolve in Canada.
• Ground conditions and water inflow remain very manageable.
• Plant construction progressing and remains on track for completion in the first half of 2013.
Colossus President and Chief Executive Officer Claudio Mancuso said:
While the development phase of any mine is challenging and we’ve dealt with our share of personnel changes, we are pleased with the progress we are making and continue to anticipate production early in the second half of 2013.