Toronto-based Bolivar Goldfields (BVG-T) has retained the services of an independent financial company to raise funds for the development of its Tomi gold deposit in Venezuela’s Callao district.
A feasibility study envisages annual production of 48,000 oz. at an average operating cost of US$191 per oz. For the first three years of the mine’s projected 7-year life, operating costs are expected to fall below US$151 per oz.
Bolivar will construct three open pits to extract ore from the McKenzie, Charlie Richards and Milagrito deposits.
Total reserves are estimated at 3 million tonnes grading 3.68 grams gold. The average stripping ratio will be about 4.62-to-1.
Ore will be processed by conventional crushing and grinding, combined with carbon-in-leach technology. The plant will treat 490,000 tonnes of oxide material and 350,000 tonnes of sulphide material per year.
Meanwhile, Vengold (VEN-T) has allowed its back-in provision on the project to expire. Under a previous agreement, Vengold had the right to acquire up to half of the company’s interest in Tomi by reimbursing acquisition and exploration costs.
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