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A Joint Venture

Manager

Golden Cycle Gold Corporation

 

 

Cresson Project History

Cripple Creek Mining District History

A Joint Venture in Gold Mining

Cripple Creek & Victor Gold Mining Company (CC&V) is a joint venture between AngloGold Ashanti (Colorado) Corp. and Golden Cycle Corporation. AngloGold Ashanti is the majority owner (67%) of the joint venture and manages the CC&V operations.  CC&V has been conducting gold mining and precious metal extraction operations in this Cripple Creek Mining District (District) since 1976.

The District has a rich and colorful mining history.  More than 23 million troy ounces of gold, along with silver, have been recovered from the District since 1890.  Most of the land on which CC&V now operates has been underground mined in the past for its high grade veins. 

This mine operates around the clock and on every day of the year.  The Cresson Project’s employees selected a two-shift type of operation where the mining operations, mine maintenance, processing (“beneficiation”), and laboratory departments operate on two 12-hour shifts.  Four crews in each department are required to provide coverage throughout the year.  Over 300 employees combine to provide “seamless” operations. 

Employment information

Employees of CC&V live throughout the region, with 63% in Teller County, 22% living in Fremont County to the south, 8% living in El Paso County to the east, and 2% in Park County and other locations. The average annual salary and benefit package is over $63,000. An economic analysis completed in 2003 estimates that total direct and induced employment in Teller County resulting from the operation equals 780 jobs with earnings of $30,547,000.
 

Gold Production, Resources and Reserves

The annual gold production rate from the Cresson Project varies somewhat with about 329,000 troy ounces produced in 2005.  Permits have been obtained that allow placement of about 300 million tons of ore on the valley leach facility.

Startup for the Cresson Project’s gold production was February 1995.  The annual production from 1995 to 2004 is depicted in the following table  In May of 2004, CC&V reached 2,000,000 ounces of gold produced! 

 

Year

Ore Mined (Tons)

Gold Produced (Troy ounces)

1995

8,004,378

76,587

1996

9,675,819

174,600

1997

10,087,924

228,164

1998

10,930,000

230,300

1999

11,265,000

231,000

2000

11,300,000

248,000

2001

11,500,000

214, 010

2002

15,612,175

224,988

2003

17,104,176

283,866

2004

20,342,286

329,030

2005

20,070,829

329,625

 

PO Box 191, Victor, CO 80860  719-689-4022  info@ccvgoldmining.com

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