Stage 1 - Irumafimpa
Restart of Irumafimpa – initial design 8 years treating 200,000 tpa @ 8.2 g/t Au
for 52,000 ozs per annum
Underway – production has commenced with 10,000 tonnes of material mined
and 7,000 tonnes treated in February
STAGE 2 - KORA EXPANSION
Mining Study – AMDAD
Based on current resource and using existing block model
Work included: establishment of cut off grades, development profiles, sublevel intervals, minimum stope widths,
filling, dilution and loss estimation dimensions
The study outcomes:
• Production of 3.2 million tonnes at 9.3 g/t Au Eq over a 9 year period
• Annual production 400,000 tonnes at a cash cost of US$125/tonne
• Production average from year 2 to year 9 of 108,000 ozs at a cash cost of US$547/oz Au Eq (including 2.5%
royalty) and AISC of US$619/oz Au Eq
• Initial Capital US$13.84 million with US$64 million capitalised waste development over Life of Mine
Plant Study – Mincore
Expansion of Process Plant to +/- 400,000 tpa
Expansion of Flotation Circuit with new cleaner – recleaner circuit
Installation of Gravity Recovery Circuit including Gold Room
Capital Cost estimated at US$3.3 million including 10% contingency (+/- 30%)
Operating Cost estimated at US$16/t (+/- 15%)
Stage 3 – Kora/Eutompi/Judd Expansion
Commence drilling 2017
Kora is open for expansion in all directions and strongly mineralized at the extent
of all drilling
Arakompe/Maniape/Karempa/Mati – possible additions
Here is my math: even with a conservative gold price of $1250 - AISC of $619 = $631/oz gold profit x 108k oz = 68 mil USD profit per year. At $1400 gold now profits are 84 mil/ year. The entire companies market cap is still less than 100 mil USD!
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