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Metminco Ltd.
Summary
| Project: | Miraflores | |
|---|---|---|
| Deposit: | Miraflores | |
| Location: | Colombia | |
| Commodities: | Gold-Silver | |
| Date: | 8/1/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Optimisation Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 1-8-2016: Metminco Ltd. announces a Optimisation Study report for its Miraflores deposit at the Miraflores project. Preliminary mine design and production schedule for underground mining option at Miraflores project. Metminco Limited (“Metminco” or the “C | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Metminco Limited (“Metminco” or the “Company”) (ASX: MNC; AIM: MNC) announces that it has received a preliminary mine design and production schedule from SRK Consulting (U.S.) Inc. (SRK) for the underground only mining option for the Miraflores Project (Project). The mine design and production schedule are based on the block model used in support of the JORC 2012 Mineral Resource Statement released to the market on 21 July 2016, and resulted in the estimation of a mineable quantity of 4 million tonnes at a grade of 3.51g/t Au and 2.84g/t Ag that is mined over 9-years. At a steady state milling rate of 1300tpd, the operation is expected to attain an average production of 50,000 oz of gold per annum. SRK were also engaged to review and collate all prior work undertaken on the Project in order to perform a Gap Analysis of the key information required to progress the Project forward to completion of a Feasibility Study. The Company is now completing a PEA level capital and operating cost review based on the mine design. Interim work by the Company supports the potential to reduce the pre-production and life of mine capital for and underground only mining option significantly, which will have a material impact on the project financials. Mr William Howe, Managing Director, commented: “The indications from the mine design and scheduling completed by SRK suggests that the underground mining option is a potentially robust option for the development of the Miraflores Project. Due to the significant potential capital cost reductions expected for the underground only option, the Company is now focussed on completing a Feasibility Study and environmental permitting. | |
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