Karbonate Minerals Corp. Announces Lower than Anticipated Operating Costs at Their Flagship New Brunswick Project

The site was opened in late 2019 and started producing gold mid 2020 after the company carried out exhaustive exploration and test drilling at 2 of the 4 zones at the project after dividing the project into 4 zones. Squirrel Creek which is the northern zone, Bear Alley which is the western zone, Eagle Mount which is the eastern zone and Moose Gully being the southern zone.

Currently Karbonate Minerals Corp. are nearing completion of the mining operations at Squirrel Creek before moving to Eagle Mount while some final test holes are being drilled at Bear Alley and Moose Gully. The company anticipate a similar 3 years of mining will be available to them at Eagle Mount as it has been at Squirrel Creek.

With Squirrel Creek production nearly completed the company have released their average all-in sustaining costs (AISC) for the zone at being $1,021.77 (USD) per ounce which is just under $80 an ounce less than the company predicted.

Charles Nadeau, who serves as Karbonate Minerals Corp's Chairman and Chief Executive Officer said in a press release, "We knew this was going to be a very good return on investment for the company and its shareholders but to have the AISC returned at over 7% less than we anticipated has more than justified our investment in to the project."

Karbonate Minerals Corp. have been using some of the most advanced mining equipment and exploration technology at the project since they took it over and are at the forefront of Canadian mining companies using such advanced mining techniques.

"We are excited about starting Eagle Mount and will be monitoring all aspects of production and comparing them when possible to the results we were achieving at Squirrel Creek on a quarterly basis," Charles Nadeau added.

The company anticipate being able to release the first results from Eagle Mount in the first quarter of 2024.