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Resolute Mining Ltd.
Summary
| Project: | Bibiani | |
|---|---|---|
| Deposit: | Bibiani | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 6/23/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 23-6-2016: Resolute Mining Ltd. announces a Feasibility Study report for its Bibiani deposit at the Bibiani project. Feasibility study results incl. Initial reserve, mine plan to produce 1.2Mtpa of underground ore. Resolute Mining (“Resolute” or “the Comp | |
| Resources: | (Reserve, Prob.): 5.4Mt @ 3.7g/t Au for 0.64Moz Au contained at Bibiani | |
| CP/QP: | [Resources]: Richard Bray; Andrew Goode (Internal) | |
| ABSTRACT: | Resolute Mining (“Resolute” or “the Company”) is pleased to advise that it has completed a positive Feasibility Study (“Study”) for its 90% owned Bibiani Gold Project (“Bibiani” or the “Project”) in Ghana. The Study has been lodged with the Government of Ghana, which owns a 10% free carried interest in the Project. Delivery of the Study to the Ghanaian Minerals Commission was a key commitment made by Resolute as part of the government’s approval of the Company’s acquisition of Bibiani in 2014. Resolute is seeking to re-establish a successful underground mine at Bibiani. The Study contemplates production of up to 1.2 million tonnes per annum (“Mtpa”) from Long Hole Open Stope underground mining. Processing of the ore will occur at the existing Bibiani processing plant. The majority of the US$72M of upfront capital is allocated to the refurbishment of the plant. The Project has a short lead time to production of only 9 months from commencement. An initial Ore Reserve has been established of 5.4 million tonnes (“Mt”) @ 3.7 grams per tonnes (“g/t”) containing 640,000 ounces (“oz”). Gold production is expected to be maintained at approximately 100,000oz per annum which will sustain a 5 year mine life on the initial Ore Reserve. All-in-Sustaining-Costs are expected to be US$851/oz for Life of Mine production of 561,000oz of gold. | |
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