Metminco has issued the results for the scoping-level work completed by SRK Consulting (USA) Inc. (SRK) on an underground only mining study at the Miraflores Project in Colombia, in which the company has a 100% interest.
Based on the updated capital and operating costs for this option, and the associated financial returns, the Project is considered to be financially robust and hence represents a viable development option.
The Miraflores Project has a Measured and Indicated Mineral Resource of 9.19 million tonnes at 2.81g/t gold and 2.76g/t silver (containing 832,000oz Au and 817,000oz Ag) at cut-off grade of 1.2g/t Au, as announced on 21 July 2016, which has formed the basis of the mining study.
SRK have refined the prior underground mine design and associated mining schedule, in addition to updating operating and capital costs to Q3 2016 US dollars.
The mining schedule produces 4.03 million tonnes at a mined grade of 3.51g/t Au and 2.84g/t Ag (including a low grade stockpile material feed) over a mine life of 9 years, producing approximately 50,000oz of recovered gold per annum at steady state.
All SRK work completed and referenced here does not provide the detail required to meet NI 43-101 or JORC 2012 compliant Ore Reserves.
At 11:14am: (LON:MNC) Metminco share price was +0.01p at 0.18p