Achievements to Date
Eagle Mountain Saprolite Gold Mine, Guyana, SA:
- In February 2015, commenced construction at Eagle Mountain.
- In January 2016, completed construction.
- In February 2016, began commissioning.
- In March 2016, first gold pour.
- In April 2016, first gold sale.
- In June 2016, reached Commercial Production.
- Defined as achieving an average minimum of 80% of the 1,000 tonnes per day nameplate capacity and 45% recovery in Falcon gold concentrate over a continuous period of 30 days.
- Record throughput to date of approx. 1,400 tonnes, 900 tonnes of 30-days average, most recent days significantly above the 1,000 tonnes.
- Falcon gravity recovery to concentrate was approximately 50% over 30 days.
- Excellent Security & Safety Record (55,000 man-hours during Commissioning).
Upside Potential as per PEA
- Four-stage development ramping up from 1,000 tpd to 4,000 tpd producing 168,700 ounces of gold over an 8 year mine life in low strip soft saprolite mineralization. Est. total capex of all Phase is US$25 million.
- Future inventory of est. 162k oz Au in settlement ponds from ongoing gravity-only processing for potential reprocessing with the addition of a CIL/CIP plant.
- Good opportunities for saprolite resource expansion potential, e.g. condemnation drilling of Phase I plant.
- Study and permit hard rock resources for future production.
- Regional consolidation opportunities to grow through low-cost acquisitions.
- New discoveries at on Eagle Mountain’s 5,000 hectare property.
Strategy - Next 5 Years
Our Vision: Become a low cost gold producer in the Guyana Belt with significant free cash flow. Expand production capacity from 1,000 to 4,000 tonnes per day within 2-3 years.
- Assess potential to treat gravity tailings inventory to increase recovery and production
- Acquire similar projects within the Guyana Belt to apply the same development model
- Support increased local employment and community benefits.
- Transition from medium scale to large scale mining license.