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PrintBRITISH MINER Metals Exploration Plc has completed its study confirming the viability of its gold-molybdenum project located in Nueva Vizcaya.
In a report posted on its Web site, the company confirmed that its Runruno project in the province can produce 96,700 ounces of gold per annum over a mine life of 10.4 years.
Metals Exploration said the average production in their Runruno project for the first five years will be at 101,800 ounces of gold per annum, and 92,700 ounces of gold per annum for another five years.
“What is certain from the results of the feasibility study is that we have transformed Runruno from a promising resource into a mine-in-waiting,” Jonathan Beardsworth, managing director of Metals Exploration, said in a statement.
The company said its capital cost forecast is at $149.3 million, in which payback is seen to be within 3.5 years at $1,000 per ounce of gold.
Meanwhile, testwork for molybdenum recovery is still ongoing. The company is assuming a production of 900,000 pounds of contained molybdenum per annum, priced at $15 per pound. The molybdenum recovery is seen to boost profits from the project further.
The mining firm said it continues to pursue the recovery of molybdenum from the mine site, so as to further enhance the economic returns of the project.
“The target remains to achieve recoveries of at least 45%, equating to average annual production of approximately 900,000 lbs contained molybdenum,” the company said.
To date, the company said testwork has demonstrated 60% recoveries through flotation into the bulk concentrate, and 80% recovery of the balance.
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