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Goldsource Mines Inc.


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.
    1. 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.
    2. Record throughput to date of approx. 1,400 tonnes, 900 tonnes of 30-days average, most recent days significantly above the 1,000 tonnes.
    3. Falcon gravity recovery to concentrate was approximately 50% over 30 days.
    4. 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.