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[Growth And Value]

GLE closes the acquisition of a mine that can boost gold production by 50%. Currently they have 2 mines producing about 100,000 ounces of gold per year. The new mine is expected to produce 45,000 - 55,000 ounces of gold per year for the next 6-7 years.

http://news.moneycentral.msn.com/ticker/article.asp?Feed=MW&Date=20060706&ID=5849233&Sym...

Kerry Knoll commented on the mine's potential as follows; "Glencairn already operates one gold mine in Nicaragua, and this experience together with our heap leach mine in Costa Rica means we can bring our considerable expertise to bear on this project. We have known La Libertad for many years and recognize that it has been under-funded for some time. With the infusion of capital initiated by Yamana, we believe that La Libertad, based on currently outlined reserves, can sustain production levels in the range of 45,000 to 55,000 ounces of gold per year for at least six or seven years from open pit operations. Plus, there is a significant amount of additional underground and open pit potential. Operational improvements under consideration include the addition of tertiary crushing, an upgrade to the screening circuit and converting to permanent leach pads. Currently, the lack of adequate pad capacity means that the ore is being off-loaded before the leach cycle is completed. The permanent pads, combined with a finer crush size, is expected to optimize recoveries. Further, we understand that there is a significant amount of spent ore grading in the range of 0.8 to 1.2 grams per tonne that can likely be re-processed at attractive costs thereby improving the economics of the project."

http://www.glencairngold.com/s/NewsReleases.asp?ReportID=139286&_Type=News-Releases&_Title=G....