A feasibility study has been received by Galactic Resources from Amselco Minerals for the Ridgeway project near Columbia, S.C. Galactic says construction of a 15,000-ton-per-day process plant can begin after permitting is completed, financing arrangements are in order and the project has been reviewed by the joint venture partners.
The feasibility study projects annual gold production of approximately 158,000 oz in the first four years and 133,000 oz over an 11-year mine life. The mining rate would be 30,000 tons per day, half of which would be ore. The material would be treated conventionally in a carbon-in-pulp plant.
Capital costs are estimated to be $76 million(US) with Amselco holding a 51% interest in the mine and Galactic 49%. Further details of the project will be released after the joint venture review.
Galactic says February gold production at its Summitville mine in Colorado was 3,000 oz. Total gold equivalent production since June 5, 1985, has been more than 63,000 oz, the company notes.
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