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Avnel Gold Mining Inc.
Summary
| Project: | Kalana | |
|---|---|---|
| Deposit: | Kalana Main | |
| Location: | Mali | |
| Commodities: | Gold | |
| Date: | 1/9/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 9-1-2017: Avnel Gold Mining Inc. announces a Feasibility Study report for its Kalana Main deposit at the Kalana project. Optimised Feasibility Study results incl. increase of 25% in post-tax NPV (5%) to $321M. ST. PETER PORT, GUERNSEY, January 09, 2017 - | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: A Earl, G Bezuidenhout, S Coetzee, R Meade (Snowden Mining Industry Consultants Pty Ltd.;DRA Projects Ltd.;ABS Africa Ltd.;Internal) | |
| ABSTRACT: | ST. PETER PORT, GUERNSEY, January 09, 2017 - Avnel Gold Mining Ltd. (TSX:AVK) (“Avnel” or the “Company”) is pleased to announce the results from an number of optimisation programs for Avnel’s fully permitted Kalana Main Project in south-western Mali, for which a Definitive Feasibility Study (“DFS”) was published on March 30, 2016. The Optimised Feasibility Study (“OFS”) results indicate an increase of 25% in the after-tax NPV to $321 million, at a 5% discount rate, compared to $257 million estimated in the DFS and an improvement in the after-tax internal rate of return (IRR) to 50%, compared to the 38% IRR in DFS at a gold price of $1,200/oz. The OFS does not incorporate any changes to the project’s underlying National Instrument (“NI”) 43-101 compliant Mineral Reserves and Resources and the production profile and the mining plan of the project outlined in the DFS remain unchanged, but as a result of the optimisation process, the project’s cost structure has been reduced. Initial capital expenditure has been lowered by $25 million to $171 million and, accounting for precommercial production revenue generated from processing historic tailings from the existing underground Kalana Gold Mine, the net funding requirement to commercial production, including contingency, is estimated at $139 million, approximately $24 million lower than previously estimated in the DFS. | |
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