Dolphin Explorations (TSE) says it has received a final feasibility study on the Cape Ray gold project in southwestern Newfoundland which indicates that, under current economic circumstances, Cape Ray requires government assistance to be brought into production.
The study is based on a 300- ton-per-day operation producing 30,000 oz gold annually. Total capital expenditures are estimated at less than $20 million.
The company says it has asked government representatives to consider providing necessary infrastructure improvements, a project loan guarantee and assistance with manpower training.
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