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Resolute Mining Ltd.
Summary
| Project: | Syama | |
|---|---|---|
| Deposit: | Syama Underground | |
| Location: | Mali | |
| Commodities: | Gold | |
| Date: | 6/30/2016 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Active Mining & Production | |
| Report details: | 30-6-2016: Resolute Mining Ltd. announces a Feasibility Study report for its Syama Underground deposit at the Syama project. Syama Underground DFS results incl. 12 year LOM, US$881/oz All-in-Sustaining-Cost. Resolute Mining (“Resolute” or “the Company”) i | |
| Resources: | (Reserve, Prob.): 23.9Mt @ 2.8g/t Au for 2.2Moz Au contained at Syama Underground | |
| 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 Definitive Feasibility Study (“DFS”) for an underground mine (“Syama UG”) at its 80% owned Syama Gold Mine (“Syama”) in Mali. The DFS confirms Syama UG as a long life, low cost mine which will continue to deliver strong operating margins for the Company for more than a decade. Resolute’s Board of Directors has resolved to approve the immediate development of the Syama UG based on the completed DFS. Excavation of the decline will commence in the September quarter, following mobilisation of a mining contractor to site in July 2016. First development ore is expected to be delivered in December 2016, with stoping commencing in December 2017. This timing will allow continuous production to be maintained from Syama from the current stockpiled sulphide material and ongoing satellite open pit oxide deposits. Once in full production Syama UG will be a consistent, large scale underground operation. Resolute intends to create a mine that employs the most advanced extraction and haulage technologies available to ensure a safe, productive and global best practice mine. This approach was adopted by the Company in its development of the Mt Wright underground deposit at its Ravenswood Operations in Queensland, where a unique mining solution was devised to ensure highly profitable extraction of a far smaller deposit. | |
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