Companies: CMR   

Depressed gold hopeful Cambridge Mineral Resources’ Quintana mine in Colombia has begun producing gold.

In what managing director Colin Andrew hails as ‘a transformational step’, the London-based company has poured the first gold from Quintana, in central Colombia’s Frontino gold belt, and says it expects to produce 15,000 oz of gold and 6,000 oz of silver annually from the mine for a ‘minimum’ five years. Andrew projects cash operating costs over Quintana’s life of $131 an ounce, against a current gold price of $748 an ounce.

Cambridge, which has had a chequered history of gold prospecting in Bulgaria and elsewhere, has a declared output target from its various projects in South America of 100,000 oz of gold a year. Quintana is a step, albeit a small one, in that direction.

Floated 11 years ago at 16p, Cambridge shares now languish at 1.38p, valuing the company at £4.9 million.

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Cambridge Mineral Resources	AIM	£5.98m	1.62p	0.12p
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Other company articles:
Cambridge Mineral starts production			20/11/2008
Cambridge clinches funding			25/01/2008
Cambridge Mineral in Bulgarian sale			29/10/2007
Exploration Insights by Robert Tyerman			02/07/2007
Colombian boost for Cambridge			25/06/2007