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Aureus reports optimized DFS for Liberty gold project.

Aureus Mining has reported the results of an NI 43-101-compliant optimized definitive feasibility study (DFS) for its 100%-owned New Liberty gold project in north-western Liberia, West Africa. The DFS describes an open-pit mining project producing a total of 859,000 oz of gold over an eight-year mine life, including 119,000 oz/y during the first six years of production.

The New Liberty project has 8.5 million mt of proven and probable reserves at a grade of 3.4 g/mt for 924,000 oz of contained gold. The reserves are contained within designed open pits at depths of 180 to 200 m below surface. The orebody is still open at depth and to the west.

The New Liberty plant design calls for two stages of crushing, primary ball milling, and secondary regrind milling, followed by carbon-in-leach gold recovery. A gravity circuit will recover free gold from the recirculating load in the milling circuit and will account for about 50% of total recovered gold. Overall gold recovery will average 93%. Plant commissioning and first gold production are scheduled for December 2014.

Initial capital cost to develop the New Liberty project is estimated at $136 million. Life-of-mine operating costs are expected to average $668/oz, using contract mining.

New Liberty will be Liberia's first commercial gold mine.

Aureaus CEO David Reading said, "New Liberty is a robust and very competitive West African project due to its cash operating costs, a modest capital outlay, excellent grade, and rapid return on investment. The New Liberty project is an excellent first step in developing Liberia's nascent gold mining industry."

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Title Annotation:definitive feasibility study; Aureus Mining
Publication:E&MJ - Engineering & Mining Journal
Article Type:Brief article
Geographic Code:6LIBE
Date:Jul 1, 2013
Words:267
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