Resumen: La minera Sulliden Gold (BVL:SUE) anunció resultados positivos del estudio de factibilidad del proyecto con yacimientos de oro y plata en el Perú, Shahuindo, cuya propiedad es 100% de la empresa.
Aspectos destacados:
- Los costos de capital de pre-producción ascienden a $131.8 millones (sin incluir impuestos);
- 10 000 toneladas de producción diaria, equivalente a 87 700 oz de oro por año;
- Tasa Interna de Retorno, antes de impuestos, de 52.2%;
- Tasa Interna de Retorno, después de impuestos, de 37.8%;
- Costos operativos totales en efectivo ascienden a $552/oz de oro;
- Grado promedio LOM de 0.84 gramos/tonelada (g/t) de oro y de 9.50 g/t de plata.
Con esta información, la empresa Sulliden estaría reduciendo la estimación inicial de la inversión, que indicaba un monto de alrededor de $185 millones correspondiente a costos de capital. Asimismo, también baja la estimación de producción anual de oro que, según datos del 2009, sería de 200 000 oz por año.
El mercado ha reaccionado mal al dato. Al momento (día miércoles 26 de setiembre, 10:50am), el precio de la acción de Sulliden Gold (SUE) es de $1.17, con lo que presenta una caída de -7.87% con respecto al valor de cierre de ayer.
Sulliden Announces Results of Shahuindo Feasibility Study
TORONTO, Sept. 26, 2012 /CNW/ - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX: SUE) (BVL: SUE) (OTCQX: SDDDF) announces the results of a positive Feasibility Study by Kappes, Cassiday & Associates and Mine Development Associates to develop the epithermal gold and silver deposit located on its 100% owned Shahuindo property in Peru.
Highlights of the Feasibility Study:
- Pre-production capital costs of $131.8 million
- 10,000 tonnes per day operation producing 87,700 oz of gold equivalent per annum
- Pre Tax Internal Rate of Return of 52.2%
- After Tax Internal Rate of Return of 37.8%
- Total cash operating costs of $552/oz gold
- LOM average gold grade of 0.84 g/t and average silver grade of 9.50 g/t
The Feasibility Study demonstrates a straightforward mining project including a shallow open pit mine with a heap leach and a conventional carbon adsorption (Adsorption-Desorption-Recovery (ADR) plant) processing plant for precious metal recovery. The project requires initial capital of $131.8 million that will support a mining rate of 3.65 million tonnes per year, producing gold at an average cash cost of $552 per ounce and average annual production of 87,700 gold equivalent ounces. Highlights of the project performance are summarized in Table 1.
The mining scenario presented in the Feasibility Study considers only approximately 40% of the gold ounces from the total oxide mineral resource (see Mineral Resource press release from September 5, 2012). Although the mineral resources currently outlined on the property could support a significantly higher mining rate and production profile, it is the Company's preference to build a low capital cost and smaller footprint operation. This initial mining scenario will act as a foundation for future production growth and will also provide the Company with the opportunity to fund future expansions from internally generated cash flow.
Peter Tagliamonte, President and CEO, commented "The completion of the Feasibility Study marks an important milestone towards our goal of becoming a gold producer. We are pleased to be able to deliver an initial project study with modestly sized capital costs that we believe should provide faster cash flow generation, expeditious permitting, and a shorter construction schedule. Future growth is anticipated once in production and we plan to fund this expansion from internal cash flows."
The Technical Report will be posted on Sulliden's website at www.sulliden.com and on SEDAR at www.sedar.com, within 45 days following this news release.
Table 1 - Base Case Operating Highlights and Project Performance of Feasibility Study
Financial Analysis
Projected prices of $1,415 per ounce of gold and $27 per ounce of silver were used as the base case in the Feasibility Study. These figures are three-year trailing average prices at August 31, 2012. The financial analysis for the base case indicates a project with a pre-tax IRR of 52.2% generating $ 52.1 million average annual after-tax cash flow with a payback period of 2.2 years. The table below outlines metal price sensitivities for the Shahuindo Project.
Table 2 - Metal Price Sensitivity Table
Project Location and Infrastructure
The Shahuindo Project is comprised of approximately 9,200 hectares of mining concessions and 10,800 hectares on option and is situated in a prolific geological gold belt in the Department of Cajamarca in northern Peru. The Project is approximately 80 kilometers (2.5 hour drive) from the city of Cajamarca, which hosts a pool of experienced workers and suppliers and acts as the main service center for the many mine operations in the region. In 2011, a main North-South running national high-tension electric transmission line was installed within the east side of the Shahuindo property. Electric power for the Project will be provided via a switchyard and substation connection to this line.
Geology
The Shahuindo property is located in the regional flexure of a thrust and fold belt that contains a large-scale epithermal gold and silver system that extends over an area of 8 km by 4 km and vertically to a depth of at least 400 metres. The current oxide mineral resource outcrops on surface and extends to an average depth of 150 metres along a 3.8 km strike length of one of these fault systems named the "Central Corridor". The oxide mineralization in the Central Corridor is followed by a thin transition layer with non-oxidized material continuing below it at depth. Good gold grades continue to depth, but, due to the non-oxidized nature of the mineralization, a different processing method would be required.
Mining
Oxide ore is forecasted to be mined in a shallow open pit with an owner operated mining fleet. Mining bench height will be 8 meters. The life of mine stripping ratio is 1.91:1. Ore will be trucked to a crushing and agglomeration facility near the mine where it will be crushed to 100% passing 32mm; agglomerated with cement; and conveyed to the leach pad. Waste from the mine will be sent to a single dump located adjacent to the mine.
Metallurgy and Processing
Gold mineralization at the Shahuindo property occurs as very fine particles dispersed in iron oxides that are typically associated with structural features such as breccias and contact points between sediments and porphyries. The ore at Shahuindo exhibits very good gold recovery with conventional heap leach cyanidation. Gold and silver are recovered from a heap leach solution with a carbon adsorption facility (ADR plant). Column leach tests returned average gold recoveries of 89% and demonstrated rapid leach characteristics, with 85% of gold recovered in first 20 days. Metal recovery values used in the Feasibility Study were calculated using test work results that were adjusted to compensate for actual heap performance with gold recovery set at 86% and silver recovery at 15% for oxide ore. In order to ensure and maintain consistent precious metal recoveries, the treatment circuit incorporates primary and secondary stage crushing circuits as well as agglomeration with cement.
Mineral Resources and Reserves
The Feasibility Study considers a new mineral resource estimate that was calculated based on a block model that includes assay data from 750 drill holes totaling 132,000 metres. Please refer to the Company's press release dated September 5, 2012 for more details.
The Feasibility Study mine plan has a life of mine average gold grade of 0.84 g/t and an average silver grade of 9.50 g/t.
Table 3 - Mineral Resource Summary
Notes related to the Mineral Resource Table:
Please note that mineral resources are not mineral reserves and do not have demonstrated economic viability. Rounding of the numbers in the mineral resources listed above may cause apparent inconsistencies.
Table 4 - Mineral Reserve Summary
Notes related to the Mineral Reserve Table:
Mineral reserves are reported based on open pit mining within designed pits based on variable gold g/t cutoff grades where Oxide: 0.35, 0.35, 0.30, 0.35, 0.30, 0.30 for Phases 1, 1B, 2, 3, 4, and 5 respectively; and Mixed: 0.35, 0.35, 0.33, 0.35, 0.33, 0.33 for Phases 1, 1B, 2, 3, 4, and 5 respectively. These phases represent the sequential operational phases of the mine. The mineral reserves incorporate estimates of dilution and mining losses. The cut-off grade and pit designs are considered appropriate for long term metal prices of US$1,340/oz gold and US$25/oz silver. Rounding of the numbers in the mineral reserves listed above may cause apparent inconsistencies.
Next Steps
The completion of the Feasibility Study marks an important milestone in the development of the Shahuindo Project. The next important step for the Company will be the completion and submission of the Environmental and Social Impact Assessment (ESIA) Report as part of the Project's permitting process. The submission of this report to the Peruvian Ministry of Energy and Mines is expected before the end of December 2012. With the completion of the Feasibility Study, the Company will now move debt financing discussions forward with major mobile equipment manufacturers for the mobile equipment fleet of the mine.
The Feasibility Study was prepared by Kappes, Cassiday & Associates under the supervision of Mr. Carl Defilippi and the Mineral Reserve calculation was completed under the supervision of Thomas L. Dyer, PE, from Mine Development Associates, both independent Qualified Persons as defined under National Instrument 43-101. Joe Milbourne, Vice President of Operations and Technical Services for Sulliden is the Company's designated Qualified Person for the purposes of the Feasibility Study. Messrs. Defilippi, Dyer and Milbourne have reviewed and approved the scientific and technical contents of this press release.
On behalf of Sulliden Gold Corporation Ltd.:
Peter Tagliamonte Stan Bharti
President and CEO Chairman
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