Name of the Project
La Demajagua gold/silver mine.

Location
Isle of Youth, in south-west Cuba.

Project Owner/s
The project is a 49:51 joint venture between Cuban State-owned mining company GeoMinera and Antilles Gold.

Project Description
The project is intended to be developed in two stages, with the openpit mine operating for six years, followed by underground mining for about ten years.

The openpit mine, proposed in the project’s scoping study, is expected to be a simple operation, with mining to a depth of about 150 m.

Production from the proposed mine is estimated at 100 600 oz/y of gold equivalent.

The production target for ore and waste is based on mining 100% of the maiden indicated resource of 4.87-million tonnes grading 3.27 g/t of gold and 40.5 g/t silver, and 200 000 t of the maiden inferred resource of 3.1-million tonnes grading 2.4 g/t gold and 230 g/t silver.

In addition to the tonnages included in the life-of-mine target, about 850 000 t of oxide/transitional ore, with a grade of about 2.7 g/t gold and 36 g/t silver, can be mined and blended with the sulphide ore as feed for the flotation circuit.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated net present value, at an 8% discount rate, of $218.1-million and an internal rate of return of 43.7%.

Capital Expenditure
$75-million.

Planned Start/End Date
The first shipment of concentrate is expected in the second quarter of 2024.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Cube Consulting (scoping study).

Contact Details for Project Information
Antilles Gold, tel +61 2 4861 1740 or email admin@antillesgold.net.