Name of the Project
Fenelon gold project.

Location
Abitibi Greenstone Belt, along the Detour-Fenelon Gold Trend, in Quebec, Canada.

Project Owner/s
Wallbridge Mining.

Project Description
A preliminary economic assessment (PEA) on Fenelon has demonstrated robust economics.

The proposed underground mine will process 7 000t/d over a 12.3-year mine life.

The processing plant will comprise a semiautogenous grinding mill in closed circuit, with a pebble crusher and ball mill in closed circuit with cyclones.

A total of 30.8-million tonnes of mineralised material at an average grade of 2.73 g/t will be extracted from the Tabasco-Cayenne zones, with 68.5% of the ounces to be mined; the Area 51 zones, with 31.1% of the ounces to be mined; and the Gabbro zones, with 0.4% of the ounces to be mined.

Development priority will be given to the main Tabasco ramp, and to access production centres. The development mineralised material will generate 10% of the total gold production.

Production over the life-of-mine is expected to average 212 000 oz/y, with peak year production estimated at 240 000 oz.

Longhole mining will be applied, with longitudinal stopes for 5 m to 8 m in width, corresponding to 40% of the stope tonnage.

Development will be done with a mining contractor during preproduction Year 1.

Starting at preproduction Year 2, development will be undertaken with owner equipment-personnel. The mining fleet will comprise 99 pieces of mobile equipment.

Potential Job Creation
During preproduction, the average number of employees, contractor and construction workers will be 490, with a peak of 690 during the second half of preproduction Year 2.

During production, the average number of employees and contractors will be 535, with a maximum at 670.

Net Present Value/Internal Rate of Return
In the base case, the project has a pretax net present value, at a 5% discount rate, of $1.21-billion and an internal rate of return of 23%, with a payback of 5.4 years.

Capital Expenditure
$645-million.

Planned Start/End Date
Mine development is expected to be completed in 11 months. The start date depends on the receipt of production permits from various regulatory agencies.

Latest Developments
Wallbridge has indicated that the positive results of the PEA study warrants advancing the project to the next study stages.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Wallbridge Mining, tel +1 705 682 9297 or email info@wallbridgemining.com.