Lumina Gold Announces Positive Cangrejos Preliminary Economic Assessment; US$1.6 Billion NPV, 25 Year Mine Life and Production of More Than 360,000 Go

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Algemeen advies 10/06/2020 05:43
Vancouver, British Columbia - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is pleased to announce it has received positive results from the Preliminary Economic Assessment (the "PEA"), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), for its 100%-owned Cangrejos Project ("Cangrejos" or the "Project"). The work that was completed as the basis for the PEA was managed by MTB Enterprises Inc. ("MTB") and demonstrates substantial improvements since the Company's Preliminary Economic Assessment in 2018 (the "2018 PEA") with the addition of Gran Bestia, increased mineral resource definition and improved process flow sheet.

Marshall Koval, President and CEO, commented: "I am extremely pleased that we increased the after-tax NPV of Cangrejos by over $600 million to $1.6 billion, maintained average annual gold production of more than 360,000 ounces per year for 25 years and increased the after-tax IRR of the Project to 16.2%. Cangrejos is an exceptional global gold deposit and one of the few of this scale that is 100% controlled by an independent developer. Ecuador has made substantial progress in its mining sector with the successful commissioning of Fruta del Norte and Mirador. Now the country will turn their focus to the next generation of development projects."

Preliminary Economic Assessment Summary

The PEA, initiated in late 2019 was produced by a team of independent consultants that possess extensive expertise in their respective fields. Further details on the contributors can be found in the Qualified Persons section of this news release.

All amounts are in United States dollars unless otherwise specified. Base case economics were calculated using a gold price of $1,400 per ounce, copper price of $2.75 per pound, molybdenum price of $9.00 per pound and a silver price of $16.00 per ounce. The effective date of the PEA is June 8, 2020 and a technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.

The PEA's highlights include the following estimates:
•Life of mine ("LOM") average annual payable production of 366 thousand ounces gold
•LOM average annual payable by-product production of 46 Mlbs copper
•25 year mine life
•40 ktpd processing operation from years 1-5, with an expansion to 80 ktpd in year 6
•After-tax NPV (5%) and IRR of $1.6 billion and 16.2%
•After-tax NPV (5%) and IRR of $2.5 billion and 21.7% using $1,680 per ounce gold (see Table 1)
•Average cash operating costs of $545/oz and all-in sustaining costs of $604/oz, net of by-product credits
•LOM processed grades of 0.56 grams per tonne ("g/t") gold and 0.10% copper
•LOM revenue mix of 78.9% gold, 19.4% copper and 1.7% molybdenum plus silver
•Initial capital costs including working capital and refundable Value Added Tax ("VAT"), of $1,000 million
•Expansion capital to double throughput including working capital of $454 million

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the PEA will be realized.

Table 1: Summary of Cangrejos Economic Results by Gold and Copper Price
Percentage of Base Case Prices 80% 100% 120%
Gold Price (per oz) $1,120 $1,400 $1,680
Copper Price (per lb) $2.20 $2.75 $3.30
Pre-Tax NPV (5%) ($M) $960 $2,555 $4,150
Pre-Tax IRR 11.8% 20.2% 27.0%
Post-Tax NPV (5%) ($M) $451 $1,571 $2,519
Post-Tax IRR 8.7% 16.2% 21.7%

Table 2: Comparison to 2018 PEA
Assumption / Value June 2018 PEA June 2020 PEA

Comments
Gold Price US$1,300/oz US$1,400/oz
Copper Price US$3.25/lb US$2.75/lb
Post-Tax NPV (5%) $920 million $1,571 million
Post-Tax IRR 15.0% 16.2%
Processed Tonnes 339 Mt 640 Mt

Increases with expanded Cangrejos and
addition of Gran Bestia.
Processed Gold Grade Yr 1-5 0.79 g/t Au 0.76 g/t Au
Processed Copper Grade Yr 1-5 0.11% Cu 0.14% Cu
Processed Gold Grade LOM 0.69 g/t Au 0.56 g/t Au

Reduced due to lower average grade at Gran
Bestia later in the mine life.
Processed Copper Grade LOM 0.12% Cu 0.10% Cu
Contained Gold LOM 7.5 Moz 11.4 Moz
Contained Copper LOM 0.9 Blbs 1.5 Blbs
Average Annual Gold Production 373 koz 366 koz
Average Annual Copper Production 43 Mlbs 46 Mlbs
Mine Life 16 years 25 years
Initial Capital Costs $831 million $1,000 million

Capital increases are driven by the addition of
a CIL plant, tailings filtration and tailings /
mineralized rock conveying costs.

Expansion Capital Costs $401 million $454 million
Sustaining Capital $230 million $445 million
Ecuadorian NSR Royalty 5.0% 3.0%
Table 3: Cangrejos Life of Mine Capital Expenditure Estimate Breakdown
see & read more on
https://luminagold.com/news/2020/lumina-gold-announces-positive-cangrejos-preliminary-economic-assessment-usdollar16-billion-npv-25-year-mine-life-and-production-of-more-360000-gold-ounces-per-year



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