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Rye Patch Gold Corp.
Summary
| Project: | Florida Canyon Mine | |
|---|---|---|
| Deposit: | Florida Canyon Mine | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 7/8/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-7-2016: Rye Patch Gold Corp. announces a PEA report for its Florida Canyon Mine deposit at the Florida Canyon Mine project. PEA results incl. post-tax NPV (7.5%) of $45.8MN, IRR of 34.4%. Rye Patch Gold commissioned Mine Development Associates (“MDA”) t | |
| Resources: | (Resource, M+I): 84.202Mt @ 0.013oz Au/t for 1126.6Koz Au contained at Florida Canyon | |
| CP/QP: | [Resources]: Neil B. Prenn (Mine Development Associates) | |
| ABSTRACT: | Rye Patch Gold commissioned Mine Development Associates (“MDA”) to complete a Preliminary Economic Assessment (“PEA”) for the Florida Canyon property, Pershing County, Nevada. Rye Patch Gold is planning to purchase the operation, and this report is written to provide a Technical Report for the property. This report has been prepared in the format of the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43-101CP, and Form 43-101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Reserves, Definitions and Guidelines” (“CIM Standards”) adopted by the CIM Council on May 10, 2014. MDA has worked on the property for the prior owners, Jipangu International Inc. (“Jipangu”), and provided Technical Reports on the property on a number of occasions. The most recent prior Technical Report on the property is available as an appendix to this report. The Florida Canyon property consists of the Florida Canyon Mine and the Standard Mine. The Florida Canyon Mine is operated by Florida Canyon Mining, Inc. (“FCMI”), a wholly-owned subsidiary of Jipangu. The Florida Canyon property was crushing about 20,000 tons per day of material that was placed on a heap leach pad. The Florida Canyon mine operated between 1986 through 2004; and 2007 to 2011, producing recovering about 2.3 million ounces of gold. The Standard Mine operated between 2004 and 2007, and again between 2011 through the second quarter of 2015. Both the Florida Canyon and Standard Mines have not operated since the second quarter of 2015. | |
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