JOHANNESBURG (miningweekly.com) – Construction at Toronto-listed gold producer True Gold’s Karma gold mine is 94% complete, with on-site commissioning currently under way, the company reported on Thursday.
In the six months ended December 31, 2015, management forecast that the remaining project spend to completion would be $23.5-million, excluding corporate costs.
Remaining project costs would be funded by True Gold’s cash position as at December 31, of $5.1-million, $15.4-million remaining on the $100-million Franco-Nevada/Sandstorm gold facility, and a $20-million increase option, of which $5-million was drawn in January 2016.
To help offset further drawing on the increase option, the company had drawn $6-million of the $10-million available from an equipment refinance facility.
Meanwhile, True Gold revealed that more than 500 000 t of stockpiled ore would be delivered as initial feed to the fully commissioned soft rock crusher, agglomeration and stacking circuit.
Ore had been introduced into the crushing and agglomerating circuits, and agglomerated ore was being stacked on the leach pad. Piping- and solution-collection systems for leach pad cells 1, 2 and 3 had been completed with the installation of the last of the high-density polyethylene lining for the pad-to-pond interface.
Cell 1 was receiving agglomerated ore, while cells 2 and 3 would be completed in the coming weeks, with final placement of the drainage layer under way.
Construction of the three-process solution ponds – pregnant, intermediate and barren – was complete. They were full of water, with pontoon pumps installed.
The company also announced that the absorption, desorption and refining plant was nearing completion, with the final installation of piping, electrical and instrumentation remaining. The main construction focus was now on completion of the gold room, where all the equipment in the building was ready to be placed.
Site structural steel work was complete and the remaining civil works were limited to the gold room and to minor infrastructure items.
Further, Phase I of the grade control drilling programme for the Goulagou II pit had been successfully completed and the results were consistent with the anticipated tonnage and grade for the volume drilled.
Phase II of the ongoing programme would start in mid-February.