Etruscan Resources said its new Agbaou gold mine in the West African country of Côte d’Ivoire will begin production in 2012 with an initial target of 80,000oz of gold per annum.
Etruscan said the initial production target for the $106m mine was based on a feasibility study and that it could increase as the company expands.
Etruscan CEO Gerald McConnell said construction will last 18 months and a permit could be received within two years, according to Reuters.
McConnell said funds for initial development of the mine will not be difficult to arrange, as the company’s majority shareholder Endeavour Financial will help source capital.
Etruscan said it also plans to raise production at its Youga Gold project in Burkina Faso to 80,000oz per annum by the end of the year compared to 65,000oz in 2009.
The company has also announced plans to extend its exploration activity into Namibia, Ghana and Mali.