Glamis Gold Ltd.
last week reported it produced 67,277 ounces of gold in the fourth quarter of 2002 and a set record gold production of 251,919 ounces for the entire year.
The company attributed the strong results to its San Martin mine in Honduras, where it produced 129,435 ounces for the year, and an increase in production at its Marigold mine in Nevada, where it produced 55,549 ounces for the year.
Total cash costs for the year were $160 per ounce, 7 percent lower than the $172 per ounce reported in the previous year.
For 2003, Glamis expects to produce approximately 250,000 ounces of gold at a total cash cost of less than $170 per ounce.
Lower production from the Rand mine, where mining operations are to cease shortly, will be offset by increased production at the Marigold mine, the Reno company said.
Glamis also said that as a result of the ongoing exploration drill program at its Marlin property in Guatemala, the mineral resource has been increased to more than 4.0 million gold equivalent ounces.
That's a 24 percent increase over the 3.3 million gold equivalent ounce resource announced in November 2002.
