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Metminco Ltd.
Summary
| Project: | Miraflores | |
|---|---|---|
| Deposit: | Miraflores | |
| Location: | Colombia | |
| Commodities: | Gold-Silver | |
| Date: | 10/18/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 18-10-2017: Metminco Ltd. announces a Feasibility Study report for its Miraflores deposit at the Miraflores project. Feasibility study returns post-tax NPV (8%) US$72.3M, IRR of 25%, LOM 9.5yrs. Metminco Limited (ASX: MNC, AIM: MNC) (“Metminco” or the “Co | |
| Resources: | (Reserve, P+P): 2.978Mt @ 4.35g/t Au, 3.08g/t Ag for 417Koz Au, 295Koz Ag contained at project | |
| CP/QP: | [Overall Report]: Boris Caro (Independent) | |
| ABSTRACT: | Metminco Limited (ASX: MNC, AIM: MNC) (“Metminco” or the “Company”) is pleased to announce the completion of the Feasibility Study into the development of its Miraflores Gold Project in Colombia, which has further demonstrated the financial and technical viability of the proposed operation. As part of the study, Metminco has declared a maiden NI 43-101 and JORC 2012-compliant Ore Reserve for Miraflores of 4.326Mt grading 3.29g/t gold for 456,000 contained ounces. Over that period, the Miraflores plant would process 4.326 million tonnes of ore grading an average of 3.29g/t Au and 2.56 g/t Ag for total production of 421,241 ounces of gold and 210,815 ounces of silver (an average of approximately 45,000 ounces of gold and 22,600 ounces of silver per year). The initial capital cost of developing the mine and associated infrastructure has been estimated at US$71.8 million excluding contingency. Contingency is approximately US$6.1 million. An additional US$18.5 million in sustaining capital is expected to be required over the life-of-mine (LOM). LOM cash operating costs have been estimated at US$599/oz, while LOM all-in sustaining costs have been estimated at US$643/oz, which would position Miraflores in the first cost quartile of gold operations globally. Applying a US$1300 gold price, which was used for all base-case financial modelling in the Feasibility Study, Miraflores delivers LOM free cash flow of US$150 million, a Net Present Value at an 8% discount rate of US$72.3 million and an Internal Rate of Return of 25% (all measures are on an after-tax basis). | |
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