With $28 million(US) in its treasury and access to a $35-million bullion facility, Goldenbell Re sources says it is adequately financed to bring the Pine Tree gold project in Mariposa Cty., Calif., into production.
The Vancouver-listed company says capital costs of the project are estimated at $52 million.
When the project is fully operational in around 12 months, Gold enbell says the open-pit mine will produce an average 130,000 oz gold annually during a 6 1/2 -year mine life.
According to Goldenbell, reserves at the project stand at 14.9 million tons grading 0.058 oz gold per ton with 865,900 oz proven and probable with an additional 1 million oz in the possible category.
On Dec 8, an environmental im pact report was reviewed at a public hearing in Mariposa Cty. When the permit is issued President M.G. Berretta says mine construc tion will be completed within about 12 months.
Berretta says final engineering design of an overburden storage facility, tailings management facility, open pit wall stability and the realignment of a 2-mile section along Hwy 49 is currently under way.
Be the first to comment on "Goldenbell progressing with Pine Tree project"