The government of Costa Rica has granted Vancouver-based Vannessa Ventures (VVV-V) an exploitation permit for the near-surface gold-bearing saprolite material at its Crucitas gold project in Costa Rica.
The company still requires an environmental impact assessment, which is in progress, to begin construction of a mine. Construction costs for the initial phase of mining are estimated at about US$27 million.
Under Vanessa’s modest plan, initial mining will target Crucitas’ near-surface gold-bearing saprolite measured and indicated resources, which stand at 10.3 million tonnes averaging 2.17 grams gold per tonne. Another 3 million tonnes running 1.89 grams are classified as inferred resources. The saprolite extends to 60 metres in places but appears to have an average depth around 21 metres. The topography at Crucitas — essentially two hills — offers a low stripping ratio.
Based on a draft scoping studies completed to date production costs are pegged at about US$140 per oz. Metallurgical tests by previous owners Placer Dome (PDG-T) and Lyon Lake Mines show that direct cyanidation can yield recoveries of around 92%.
Crucitas’ combined saprolite and hardrock resource tallies to 29.7 million measured and indicated tonnes averaging 1.51 grams gold and 3.41 grams silver. Combined inferred resources stand at 10.1 million tonnes of 1.56 grams gold and 2.93 grams silver. Another 3.2 million tonnes of inferred material running 4.56 grams gold is present at the nearby Conchudita concession. All the resources are based on a 0.8-gram cutoff.
Vanessa acquired Crucitas from Lyon Lake Mines in May 2000. The purchase price came to $25,000 in cash plus 250,000 shares. Vanessa also assumed about $500,000 in payables from Lyon Lake’s books.
Vannessa is currently evaluating financing options.
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