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Echo Resources Ltd.
Summary
| Project: | Yandal | |
|---|---|---|
| Deposit: | Yandal | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/23/2019 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 23-4-2019: Echo Resources Ltd. announces a Feasibility Study report for its Yandal deposit at the Yandal project. Revised BFS results incl. pre-tax NPV (8%) of $172M, IRR of 198%. Echo Resources (ASX: EAR) (Echo or the Company) is pleased to announce the | |
| Resources: | (Reserve, P+P): 6.9Mt @ 1.8g/t Au at Yandal stage 1 pits | |
| CP/QP: | [Resources]: Lynn Widenbar (Widenbar and Associates Pty Ltd.) | |
| ABSTRACT: | Echo Resources (ASX: EAR) (Echo or the Company) is pleased to announce the completion of the Bankable Feasibility Study (BFS or Study) for the Yandal Gold Project (Project). The Study demonstrates that under conservative mining, processing and discount rate assumptions it will generate strong cash flows and robust returns on capital invested with competitive operating costs and minimal pre-production capital. The Study is based on the refurbishment of Echo’s 100% owned Bronzewing Processing Plant and substantial associated infrastructure. Ore will be sourced from the high margin Stage 1 open pits at Orelia and Julius for a 4-year mine life. For conservatism, the additional 4 years of mine life from Stage 2 Ore Reserves, comprising 408,000 ounces have not been included in this BFS. These reserves will be optimised and augmented over time and may result in mine life extension. The Independent Technical Expert (ITE), which was appointed to support the project financing process, has completed a review of the Study with no adverse material findings. The BFS is based on processing 6.9Mt of ore at an average grade of 1.86g/t Au for approximately 379,000oz (previously 6.5Mt at an average grade of 2.0g/t Au for 380,000oz). The Project generates an undiscounted pre-tax, free cashflow of $225 million over an initial 4- year mine life at a A$1,800/oz gold price. Average annual gold production is 95,000oz and life of mine all-in sustaining costs (AISC) are estimated at A$1,095/oz. The Project delivers a pre-tax NPV (8%) of $172 million and internal rate of return (IRR) of 198%. | |
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