Name and Location
Pickstone-Peerless gold project, Zimbabwe.

Client
African Consolidated Resources (AFCR).

Project Description
The definitive feasibility study (DFS) completed on the oxide cap (Phase 1) of the project – a subset of the entire Pickstone-Peerless mine project – has allowed AFCR to declare a maiden reserve of 2.02-million tonnes, grading 2.06 g/t gold for 136 052 oz, based on a gold price of $1 500/oz and a cutoff grade of 0.4 g/t.

Net Present Value/Internal Rate of Return
Nat stated.

Value
Phase 1 is estimated at $23.54-million.

Duration
The implementation of Phase 1 is expected in June 2014.

Latest Developments
Aim-listed gold miner Vast Resources’ Pickstone-Peerless gold mine, in Zimbabwe, has progressed to the commissioning phase.

Production at the mine is excpected to start in August, with an estimated output of 10 000 oz/y of gold from the targeted initial mining rate of 10 000 t/m of ore from an opencast oxide gold cap.

The first two blasts, one at the Pickstone openpit and one at the Peerless openpit, have been completed, with run-of-mine ore being stockpiled at the feedpad, ready for the wet commissioning of the crusher circuit.

Further, the circuit, comprising a primary crusher, two secondary crushers and a cone crusher, has been completed. This will allow for additional construction personnel to be allocated to the milling circuit and the carbon-in-leach/carbon-in-pulp tanks.

Electrowinning and the gold production facility, as well as the ancillary facilities, such as the laboratory, accommodation and mine offices, have also been completed.

"With the start of blasting, the processing plant construction is well advanced and production is on track. This is a very exciting period of development,’ Vast CEO Roy Pitchford has said.
Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
AFCR, tel +44 1622 813 442.