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Shanta Gold Ltd.
Summary
| Project: | New Luika | |
|---|---|---|
| Deposit: | New Luika | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 3/23/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Active Mining & Production | |
| Report details: | 23-3-2017: Shanta Gold Ltd. announces a Feasibility Study report for its New Luika deposit at the New Luika project. Updated Ore Reserves and Revised Mine Plan incl. NPV (8%) of US$123M, IRR of 39%. Shanta Gold (AIM: SHG), the East Africa-focused gold pro | |
| Resources: | (Reserve, Prob.): 3.64Mt @ 4.4g/t Au for 515500oz Au contained at project | |
| CP/QP: | [Overall Report]: Philip van Vuuren (Internal) | |
| ABSTRACT: | Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to announce a Revised Mine Plan from January 2017 to December 2023 (the "Plan") and updated reserves statement for its New Luika Gold Mine ("NLGM"), in Southwest Tanzania. oby Bradbury, Chief Executive Officer, commented: "The Revised Mine Plan highlights the true prospectivity and future long life of the New Luika Gold Mine. The Plan provides for a longer mine life, increased production and most importantly, greater returns for all Shanta stakeholders."Considerable depth has been added to an already robust business case due to our delivery over the past 18 months and we will look to extend the planning horizon for the New Luika operation again in future. "We will continue to explore on-mine to bring existing indicated and inferred resources into the future mine plan and also in surrounding prospecting tenements to define new resources. Since the Base Case Mine Plan was published in September 2015, the Elizabeth Hill and Ilunga Reserves have been successfully proven and incorporated into the Revised Mine Plan. We will take the same approach following positive results recently announced at the Nkuluwisi prospect, and with the highly prospective ground we hold in the Lupa Goldfield. "I express my appreciation for the entire team that continues to deliver innovative solutions that really enhance shareholder value." | |
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