Reserves at the Aprelevka mine in Tajikistan have been revised, paving the way for a proposed expansion.
A study by Gulf International Minerals (VSE) indicates the open-pit deposit contains about 2 million tonnes grading 6.2 grams gold-equivalent per tonne. The estimate is based on Soviet data from 270 diamond drill holes and more than 13,000 underground samples. (Tajikistan is a former republic of the Soviet Union and borders Afghanistan and China.) Both gold and silver values were used to calculate the grade, and the deposit remains open along strike. Under a joint venture with Kayrakkumskey Rudnik (a division of state-owned Tajik Gold), Gulf has a 49% interest in the Aprelevka. In return, the company is providing all necessary financing required for operations, exploration, engineering and management.
The direct assets of Aprelevka are worth about US$33 million and include the 600-tonne-per-day Kansai flotation mill, which Gulf believes can be upgraded to 1,200 tonnes.
The cost of refurbishing the mill and upgrading the pit to a 600-tonne-per-day operation is estimated at $2 million. An additional $1.4 million would be required to expand to 1,200 tonnes.
Kayrakkumskey Rudnik manages nine gold deposits in the Karamazar district of northern Tajikistan, with reserves totalling 3.2 million tonnes, in which are contained 23.6 million grams gold (760,000 oz.) and 224 million grams silver (7.2 million oz.).
Gulf has meanwhile renegotiated a separate joint-venture agreement, which expands the Darvaz placer gold project to include the Yakh-Su, Sauni and Dashtako plateau areas. By paying fuel costs and providing equipment and technical support, the company can earn half of the proceeds generated from the processing of alluvial tailings.
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