Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) announced Lyle Pritchard’s appointment as Vice President for Operations, and provided updates on the Serra Pelada Gold-Platinum-Palladium Project.
As quoted in the press release:
Mr. Pritchard brings a wealth of experience from his years at Barrick’s Bulyanhulu Mine in Tanzania and more recently at Goldcorp’s Marlin Mine in Guatemala and AuRico’s El Cubo Mine in Mexico. As part of this management realignment, Paulo de Tarso Serpa Fagundes, Chief Operating Officer, has left to pursue other interests and the Company wishes to thank him for his hard work and dedication in developing the Serra Pelada Project.
In addition to the promotion of Mr. Pritchard, the Company is also pleased to provide a status of development at its 75% owned Serra Pelada Gold-Platinum-Palladium Project.
- Additional metallurgical tests on higher grade Central Mineralized Zone (“CMZ”) composites have achieved overall (gravity + flotation) recovery rates of approximately 97% gold, 80% platinum and 83% palladium.
- Latest metallurgical tests confirm a saleable concentrate can be produced with a final PGM grade (Pt, Pd, Au), before calcining, of 66.7 grams per tonne.
- A new and deeper part of the CMZ has been chosen for the bulk sample thus providing a larger horizontal and vertical panel from which to extract a more representative sample.
- Dewatering progressing well with ground water being drawn down more than 150 metres in localized areas.
Colossus Minerals President and Chief Executive Officer Claudio Mancuso said:
The latest metallurgical results are very encouraging as they re-affirm the robust metal recoveries and the ability to produce a saleable concentrate. Development activities are quickly gathering steam and, since his arrival in April, Mr. Pritchard has proven that he is eminently capable of bringing Serra Pelada into production in a safe, timely and cost-effective manner. Mr. Pritchard richly deserves this promotion and has the full support and confidence of the senior management and the board of directors as he advances the mine to production. We would also like to thank Paulo de Tarso Serpa Fagundes for his service to the Company and wish him well in his future endeavours.