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Caldas announces Marmato expansion PFS

6th July 2020

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Canadian junior miner Caldas Gold has completed an updated mineral resource estimate for its Marmato project and also announced the preliminary results of a prefeasibility study (PFS) for the project, in Colombia.

The PFS affirms the economic viability of the underground expansion of the Marmato project at a long-term gold price of $1 400/oz, and a total life-of-mine (LoM) undiscounted after-tax free cash flow from mining operations amounting to $770-million.

The LoM plan for the Marmato project in the PFS is based on a total mineral reserve of two-million contained ounces of gold based on 19.7-million tonnes at an average grade of 3.2 g/t.

Chairperson and CEO Serafino Iacono said in a statement on Monday that the study affirmed the economic viability of the project and the potential for upside validating Wheaton Precious Metals’ decision to enter into a $110-million stream transaction as part of Caldas’ financing for the expansion of its mining operations.

“With a continuation of our drilling programmes in the deeps mineralisation, we are confident that we will be able to continue to expand mineral resources at Marmato and add to the mine life,” he commented.

Over the 14-year mine life based on mineral reserves in the PFS, production is estimated to total 1.9-million recoverable ounces of gold and 1.6-million recoverable ounces of silver from the existing Upper Mine and the expansion of the second operation into the Marmato Deep Zone (MDZ).

Gold production will average about 165 400 oz/y from 2024 through 2033 once the MDZ is in full production with LoM total cash cost of $772/oz of gold and an average LoM all-in sustaining cost of $872/oz of gold.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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