Cariboo has an attractive production profile, says Osisko Development
Canada-based Osisko Development is proceeding to a feasibility study at its flagship Cariboo project, in central British Columbia, following the completion of a preliminary economic assessment (PEA).
The PEA provides an attractive potential gold production profile of about 297 000 oz/y when operating at 8 000 t/d over an eight-year period, making it one of the premier gold development projects in North America, CEO Sean Roosen said.
The PEA, which builds on previous technical work while incorporating the results of extensive drilling, highlights a phased approach, with the initial project able to produce 75 000 oz/y at low capital costs.
“Most importantly, it will provide access to the deposits from underground to do further exploration and seek to unlock more potential value outside of the current mine design that has an average mine depth of 350 m. We believe this is a more prudent approach in the actual economic context without compromising the full potential of the Cariboo gold project,” said Roosen.
The study estimates that the project will operate at an all-in sustaining cost of C$1 222/oz. The project has an aftertax net present value, using a 5% discount, of C$$764-million with an after-tax internal rate of return of 21.4% at a gold price of C$2 223/oz.
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