GoGold Resources Inc. (TSX: GGD) is pleased to announce that it has received the environmental permits for mine construction from the Mexican Department of Environment. The permit includes acceptance of the environmental impact assessment and the change of land use permit, for its Parral Tailings Project in Chihuahua State Mexico. The Parral Tailings Project construction is expected to start imminently with commissioning taking place during the first quarter of 2014.
Terry Coughlan, president and chief executive officer of GoGold, states: “This is yet another milestone for GoGold in the development of the company. Final design, engineering, and permitting are now completed. It is anticipated that the construction phase will take approximately seven months. We look forward to building a high-quality project that should deliver significant economic benefit to our shareholders.”
Parral has a reserve of 35 million silver equivalent ounces and a pre-tax internal rate of return of 80%. The study projects an initial capital cost of $35 million and a life of mine of 12 years with an average annual production of 1.8 million silver equivalent ounces* (1.2 million ounces of silver and 11,000 ounces of gold). The mine production is planned at 5,000 tonnes per day (“tpd”) on a conventional heap leach with a sustaining capital of $27.5 million over LOM. The Pre-Feasibility Study on the Parral Tailings Project in Chihuahua, Mexico was prepared by The MDM Group of South Africa, in accordance with the requirements of Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects”. (“NI 43-101”)
The study includes a LOM reserve average silver grade of 38.4 grams per tonne (“g/t”) silver and 0.31 g/t gold and a recovery of 58% for silver and 64% for gold. Cash operating cost for silver of $6.48 an ounce using gold as a by-product credit. This project as outlined in the Pre-Feasibility Study has a pre-tax IRR of 80%, with pre-tax Net Cash Flow of $230 million and a pre-tax Net Present Value of $159 million using a 5% discount rate. The study is based on a gold and silver price of US$1,475/oz. gold and US$29/oz. silver. Payback for the project is expected in the first 16 months of production.
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