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Brio Gold Inc.
Summary
| Project: | Riacho Dos Machados | |
|---|---|---|
| Deposit: | Riacho Dos Machados | |
| Location: | Brazil | |
| Commodities: | Gold | |
| Date: | 5/9/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 9-5-2017: Brio Gold Inc. announces a Resource Estimation report for its Riacho Dos Machados deposit at the Riacho Dos Machados project. 37% increase in reserve compared to previous estimate. TORONTO, ONTARIO, May 9, 2017 — BRIO GOLD INC. (TSX:BRIO) (“BRIO | |
| Resources: | (Reserve, P+P): 27394Mt @ 1g/t Au for 883000oz Au contained at project | |
| CP/QP: | [Resources]: Mark B. Mathisen (Roscoe Postle Associates Inc.) | |
| ABSTRACT: | TORONTO, ONTARIO, May 9, 2017 — BRIO GOLD INC. (TSX:BRIO) (“BRIO GOLD” or the “Company”) is pleased to announce an updated mineral reserve and resource at its Riacho dos Machados (“RDM”) mine which includes a 37% increase in mineral reserves when compared to the Company’s prior mineral reserve estimate in contained gold ounces. Based on these new reserves, Brio Gold has developed an optimized mine plan demonstrating a longer mine life and lower operating costs. All Dollars are in US Dollars, unless otherwise indicated. “This will be a transformative year for RDM as we implement our new mine plan,” said Gil Clausen, Brio Gold’s President and CEO. “We have re-engineered our RDM mine to reduce life of mine costs and maximize cash flow in a year where we are investing in its growth. We are expanding the plant from 7,000 tonnes per day to 9,000 tonnes per day and replacing the mining contractor that used a small scale and low productivity mining fleet by investing in an owner-operated larger scale mine fleet that best fits the operation.” Mr. Clausen added, “This new life of mine plan adds approximately three years of open pit reserves and provides economies of scale in the mining operation to optimize the profitability of extracting that larger reserve. Despite lowering production in 2017, this new plan is net asset value accretive and it improves cashflow this year and into the future. These improvements along with the recently completed water storage facility and power line to be constructed, should make RDM a solid producer for many years to come.” | |
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