Name and Location
Titiribi coal project, Antioquia, Colombia.

Client
Ascot Resources.

Project Description
A prefeasibility study (PFS) on the Titiribi coal project has confirmed the technical and economic feasibility for a starter mining operation. The PFS supports the development of a 400 000 t/y openpit mining operation, with a minimum life-of-mine of about five years. This is based on a measured, indicated and inferred resource of about 8.1-million tonnes.

Value
The PFS has enabled Ascot to estimate the likely capital and operating cost structure for an initial 250 000 t/y contractor-driven operation under two discrete development scenarios:
• Scenario A – raw coal sales at the mine gate, $7.8-million in capital and $44/t in operating costs;
• Scenario B – raw coal sales free on board Port Buenaventura, $14.3-million in capital and $84/t in operating costs;
• An additional $2.1-million in development capital is required to ramp up production to 400 000 t/y.

Duration
Ascot is hoping to fast-track development to achieve first production by early 2015.

Latest Developments
Ascot plans to continue advancing environmental and mining approvals and will complete trade-off studies and promote the project to interested parties before the start of the feasibility study later this year.

Simultaneously, Ascot will also undertake further infill drilling and exploration work, as well as progress discussions with surrounding concession owners to expand the Titiribi project site.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Ascot Resources, tel + 61 8 9381 4534, fax + 61 8 9380 6440 or email info@ascotresources.com.