Antilles Gold Limited (ASX Code: AAU, OTCQB: ANTMF) (the “Company” or “Antilles Gold”) advises that the Definitive Feasibility Study (“DFS”) for the development of the La Demajagua open pit gold/silver mine on the Isle of Youth in southwest Cuba is gaining momentum.
Minera La Victoria SA (“MLV”), the Cuban joint venture company in which Antilles Gold has a 49% shareholding, plans to develop an open pit operation to mine 800,000 tpa of ore with an estimated 7:1 stripping ratio to produce in excess of 60,000 tpa of high-grade refractory concentrate.
Based on results from 50,000m of historical drilling and extensive metallurgical testwork by Canadian mining companies, the proposed open pit mine is expected to have a life of 6 years, and be followed by an underground operation for at least 10 years, with concentrate grades of approximately 45 g/t Au equivalent.
The current Financial Model for the first stage of the mine development based on this data indicates a robust project, and the DFS is expected to replicate these forecasts.
For more information, download the attached PDF.
Download this document