Pinson is located near Winnemucca, in Humboldt County, Nevada, on one of the premier gold trends in northern Nevada. The mine is in the south-central portion of the Getchell Gold Belt southwest of Barrick's Getchell/Turquoise Ridge Mines and Newmont's Twin Creeks Mine complex. Gold mineralization is characterized as a Carlin-type, sediment-hosted gold system hosted by the same sequence of Ordovician sedimentary rocks that hosts the gold deposits of Twin Creeks and Turquoise Ridge mines to the north.
Atna commenced underground mine development in early 2012 and mine ramp-up began in late 2012 with increasing development and production output through this period. At the end of June 2013, the mine was placed on care and maintenance status until such time that a revised mine plan has been developed and additional financing can be arranged. A number of factors led to the decision to place the mine on care and maintenance. These included: deteriorating gold market conditions; Atna's limited financial ability to support ongoing development; a higher operating cost structure than anticipated; lower than expected ore mining productivity; and the need for additional development to create a sufficient number of ore mining faces to allow a self-sustaining operation.
Substantial development has been completed at the Pinson-underground mine. The primary spiral was driven to the 4530 level and both top cut and underhand ore mining occurred in three Ogee-zone stope blocks. An additional five stope blocks were partially developed and may be completed from the existing spiral. These stopes in total contain over 80,000 in-place ounces of gold reserve in 250,000 tons of ore. As of June 30, 2013, Pinson's underground and potential open-pit areas have a net carrying cost of $65.9 million. Since the acquisition of the remaining 70 percent interest in Pinson in September 2011, the Company expended approximately $40.0 million on development of the Pinson Mine, net of pre-production sales.
Ores mined during development operations were processed at the Jerritt Canyon roaster facility, owned by Veris Gold USA Inc., and at Newmont's Twin Creek's oxide mill. Sulfide ore and mixed oxide ore was processed at Jerritt Canyon and oxide ores were processed at Twin Creeks. Ores processed at Jerritt Canyon under a tolling arrangement, where Atna retained ownership of the gold recovered. Ores processed at Twin Creeks were sold to Newmont on the basis of recovered contained gold with a payable deduct based on head grade assay.
The information presented on this web page was prepared under the supervision and review of William Stanley, V.P. Exploration of Atna, a Registered Member of the Society for Mining, Metallurgy, and Exploration, a Licensed Geologist and Qualified Person, as defined in NI 43-101, and has verified the authenticity and validity of the technical information contained herein.
|Home Corporate Projects News Investors QwikReport Contact Us|