Red Mountain scoping delivers upbeat results
PERTH (miningweekly.com) – A scoping study into junior Red Mountain Mining’s Batangas gold project, in the Philippines, has estimated that the project could deliver a life-of-mine revenue of some A$134-million.
Based on an openpit operation and a carbon-in-leach processing plant, the scoping study estimated that Batangas could deliver some 90 000 oz of gold over a four-and-a-half year mine-life.
Batangas was expected to deliver some 20 000 oz/y of gold and 46 000 oz/y of silver, at a cash operating cost of A$769/oz.
The project would require an initial capital investment of A$16.7-million, while the pay-back period had been estimated at just over a year.
Red Mountain MD Jon Dugale said on Thursday that the results from the scoping study were positive, indicating that the company could establish a project relatively quickly, generate early cash flow and pay back the up-front capital within a short timeframe, based only on the known existing resources.
“We’ll continue our exploration drilling campaign, testing high-grade targets at the Lobo prospect, and anything we find there could improve the bottom line even further,” Dugale said.
Red Mountain would now move to start a definitive feasibility study (DFS) on the Batangas project, which would start immediately. The DFS would likely be completed by December this year, with project construction earmarked for early 2015, depending on funding.
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