Monday, August 20, 2007

Cripple Creek mine hits milestone

Last week, about 250 people toured the Cripple Creek and Victor Gold Mining Co.’s operations in Victor. The event celebrated a company milestone — 3 million ounces of gold have been poured since operations were resurrected in 1994.

See a video and photo from the event at

Here are some facts about the operation:

Company ownership: Cripple Creek and Victor Gold Mining Co. is a joint venture between Golden Cycle Gold Corp. and AngloGold Ashanti (Colorado) Corp.
Acres owned and permitted: 5,847
Production: 250,000 to 300,000 ounces poured per year
Annual operating costs: 2004, $84 million; 2006, $100 million; 2007 $105 million; 2008 estimate $115-120 million
Current market price of gold: About $640 an ounce
Company profit margin: $100 to $150 an ounce
Exploration drilling: To 1,500 feet deep
Gold ore crushed per day: 65,000 to 70,000 tons
Gold ore needed to produce an ounce of gold: 60 tons of ore, and generally 120 tons of additional rock are moved for one ounce
Cost of one new 240-ton haul truck: $2.7 million
Cost of one truck tire: $30,000
Annual diesel fuel cost for 18 haul trucks and other heavy equipment: More than $20 million
Employees: 325, of which 120 are heavy-equipment operators
Annual payroll: $23.7 million in 2006, including benefits
Blasting: Averages once or twice daily, between 7 a.m. and 4 p.m., except Sundays

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