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Avesoro Resources Inc.
Summary
| Project: | New Liberty | |
|---|---|---|
| Deposit: | New Liberty | |
| Location: | Liberia | |
| Commodities: | Gold | |
| Date: | 3/6/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Active Mining & Production | |
| Report details: | 6-3-2019: Avesoro Resources Inc. announces a Pre-Feasibility Study report for its New Liberty deposit at the New Liberty project. PFS for New Liberty UG results incl. post-tax NPV of US $286M, updated resource and reserves. Avesoro Resources Inc., (“Aveso | |
| Resources: | (Reserve, P+P): 17.069Mt @ 2.49g/t Au | |
| CP/QP: | [Resources]: Belinda van Lente (CSA Global (UK) Ltd.) | |
| ABSTRACT: | Avesoro Resources Inc., (“Avesoro” or the “Company”), the TSX and AIM listed West African gold producer, is pleased to announce positive results from the Pre-Feasibility Study (“PFS”) for its New Liberty Gold Mine (“New Liberty” or the “Mine”) in Liberia, including an updated Mineral Resource and Mineral Reserve Estimate, Maiden Mineral Reserves at the Ndablama satellite deposit and an updated Life of Mine (“LOM”) plan, incorporating the transition to underground mining operations. The decision to transition to underground mining operations and undertake an updated PFS at New Liberty reflected the significant improvement in the level of confidence in the Mineral Resource following an extensive drilling programme over the last 12 months. The PFS shows a significant positive impact on the value of New Liberty and the economics of the Mine. As part of the PFS, the Company has revised the mining schedule at New Liberty to take into account the transition of New Liberty from a solely open-pit operation to a combined open-pit and underground mining operation. As a consequence, New Liberty is now entering a period of higher waste stripping to complete the final open pit pushback and prepare the pit for the development of underground operations and as a result the AISC for New Liberty will temporarily increase as the Company undertakes this waste stripping that will be completed during 2019. The Company has held discussions with a number of open-pit mining contractors and received preliminary quotations which could enable the Company to further lower its open pit mining costs in future years. | |
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