Wednesday 7th December 2016

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Astur issues Preliminary Economic Assessment for Spain Project

Astur Gold Corp TSXV:AST announced the results of a preliminary economic assessment for its Salave Gold Project in Asturias, Spain. The study examines three different mining scenarios: open pit only, underground only, and a combined open pit and underground scenario. The study combines the mining scenarios with two processing options: a bio oxidation scenario and a pressure oxidation scenario. For instance, in the large initial open pit and minor underground scenarios, the mine will will have a pre-tax NPV (at a 5% discount rate) of $576 million to $548 million and a mine life of 18 years for the POX and BOX processing methods respectively. The internal rate of return for these scenarios will range between 34% and 36%.

Capital costs have been estimated for the six scenarios. Initial development capital expenditures range from $124.8 million to $153.7 million. Sustaining capital over the life of the project is estimated to range from $3.9 million to $6.6 million.

CEO/Director Cary Pinkowski commented, “We are excited with the results of our Preliminary Economic Assessment. Clearly, the project will generate robust profitability from any of the proposed mining options. We evaluated multiple production and processing scenarios, giving us a wide range of information from which to select the optimal mine plan for the company, the community of Tapia, and the Government of Asturias. Astur Gold is advancing Salave towards production as expeditiously as possible for the benefit of all stakeholders.”

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Contact:
Vadim Dubchak
Corporate Development
604.694.1600

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by Ted Niles

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