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Article: Expanded Gold Mine in Colorado Not Producing at Rate Owners Hoped.
- Article from:
- The Gazette (Colorado Springs, CO)
- Article date:
- May 7, 2004
CopyrightCOPYRIGHT 2004 The Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Wayne Heilman
May 7--A $136 million expansion of Colorado's largest gold mine, finished 1 1/2 years ago, has failed so far to produce as much gold as its owners hoped.
By now, Cripple Creek and Victor Gold Mining Co. expected to be producing more than 400,000 ounces of gold a year from the mine near Victor. The company said last week it expects to produce 310,000 ounces this year, the second cut of its 2004 production forecast.
The latest reduction sent the stock of a partner in the mine, Colorado Springs-based Golden Cycle Gold Corp., tumbling to an almost two-year low. The stock, traded over the counter, dropped from $16 Friday to $10 ...