Carouso (Dam) Gold Mine

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The Carosue Dam Gold Mine is a gold mine located south of Laverton, Western Australia.

It is currently owned by Saracen Mineral Holdings Limited.

Carosue Dam was previously owned by the now defunct mining company Sons of Gwalia Limited. Sons of Gwalia went into administration on 30 August 2004 and the company's gold mining operations were sold to St Barbara Limited in March 2005 for A$38 million, having been valued by the Sons of Gwalia directors at A$120 million. It was one of four gold mines sold to St Barbara in this deal, the other three being the Marvel Loch Gold Mine, the Tarmoola Gold Mine and the Gwalia Gold Mine.

The mine was placed in care and maintenance by St Barbara in June 2005 and sold to Saracen in February 2006. Saracen plans to reopen the mine in early 2010.

History

Gold mines in the Kalgoorlie regionLocated within the South Laverton gold field, situated 120 km North East of Kalgoorlie, the processing plant at Carosue Dam was constructed and commissioned in 2000, then owned by Pacmin Mining. In October 2001, it was acquired by Sons of Gwalia. During its five year operation until June 2005, the mine produced over 700,000 ounces of gold.

After the collapse of Sons of Gwalia in 2004, the mine continued producing but was placed in care and maintenance by St Barbara three months after its purchase.

In October 2005, St Barbara announced the sale of Carosue Dam to Saracens for A$19.4 million in cash and shares. St Babrbara acquired a 20 % interest in Saracens through this transaction.

With the purchase of the mine by Saracen, the new owners developed a two-staged plan to reopen the mine in 2010. After a period of open pit mining, lasting for three to five years, the second stage will also include an underground operation.

On 15 June 2009 Saracen announced that the mine would be connected to the Western Power grid through a 90 km power line rather than being supplied by diesel generators on site. This line, scheduled to be completed in late 2010, is estimated to cost between $ 10 to 15 million but should provide the company with savings in the range of $ 50 to 100 per once of gold produced.

In November 2009, Saracen announced that the $ 7 million construction project at the mine had been finished and plant commissoning had started. Gold production was scheduled to begin in February 2010, with the first gold pour announced on 29 January 2010.

Reference for location:
bonzle.com/c/a?a=p&p=2261&c=3&x=122%2E358535979581&y=%2...

Link to Saracen Minerals:
www.saracen.com.au/project-item-2180-Gold-Production.ht...

A recent article reference:
www.proactiveinvestors.com.au/companies/news/1723/sarac...