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Red 5 Ltd.
Summary
| Project: | Siana | |
|---|---|---|
| Deposit: | Siana Underground | |
| Location: | Philippines | |
| Commodities: | Gold | |
| Date: | 6/14/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Active Mining & Production | |
| Report details: | 14-6-2016: Red 5 Ltd. announces a Feasibility Study report for its Siana Underground deposit at the Siana project. Siana Underground Mine feasibility study results incl. pre-tax NPV (10%) of US$50M, IRR of 22%. Red 5 Limited (ASX: RED) is pleased to advis | |
| Resources: | (Reserve, Prob.): 3.01Mt @ 4.1g/t Au for 396000oz Au contained underground | |
| CP/QP: | [Overall Report]: Dr. David Trembath (Mining One Pty Ltd.) | |
| ABSTRACT: | Red 5 Limited (ASX: RED) is pleased to advise that an updated Feasibility Study has been completed by independent consultants Mining One Pty Ltd (Mining One) for the proposed underground mine development at the Siana Gold Project in the Philippines. The results confirm a technically viable project with robust economic outcomes which has the potential to significantly extend the life of the operation well beyond the current open pit. The Feasibility Study includes a maiden Ore Reserve estimate for the Siana Underground of 3.01 Mt @ 4.1 g/t gold, underpinning the proposed development of an underground mine directly below the existing open pit to extract 0.5 million tonnes of ore per annum for processing through the existing Siana mill. Based on the long term mine plan that considers the whole resource (Measured, Indicated and Inferred) the Siana Underground operation is forecast to produce on average ~60,000 ounces per annum over an 8-year production mine life. The projected cash operating cost (C1) range is between US$700-US$750 per ounce, and all-in sustaining costs (AISC) are forecast to be between US$930-US$950 per ounce. | |
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