BP UNIT SEES U.S. GOLD MINE PROCEEDING
British Petroleum Co PLC said based on
a feasibility report from Ridgeway Mining Co, its joint venture
Ridgeway Project in South Carolina could start commercial gold
production by mid-1988.
    The company said the mine would produce approximately
158,000 ounces of gold per year over the first four full years
of operation from 1989 through 1992 and at an average 133,000
ounces a year over the full projected 11 year life of the mine.
    BP's partner is Galactic Resources Ltd of Toronto.
    BP said subject to receipt of all statutory permits,
finalization of financing arrangements and management and joint
venture review, construction of a 15,000 short ton per day
processing facility can start. Capital costs to bring the mine
into production are estimated at 76 mln dlrs.
 Reuter
