The company says it intends to raise the estimated $3.1 million(US) in capital costs (contract mining and leased crushing equipment are planned) needed to bring the project into production.
President Reuben Brant reports drilling outlined a diluted (20%) reserve of 1.125 million tons grading 0.088 oz gold per ton. The reserves are open to the south and at depth, and there is potential for additional reserves to the north and east, he says.
Brant says the feasibility study recommends placing the property into production as a heap leach operation. At a production rate of 300,000 tons per year, the operating cost is projected to be $260(US) per oz with annual output of 24,000 oz.
The property also contains a high grade molybdenum reserve of 146,000 tons of molybdenite grading 2.9%, plus 600,000 tons grading 1%, Brant says.
Win-Eldrich owns the property subject to royalty payments on gold production.
The company reports it raised almost $522,000 last year for exploration work through two private placements.
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