A positive feasibility study has been received by Neptune Resources for the company’s Colomac gold deposit in the Northwest Territories. The study, completed by Wright Engineers, says the Colomac could be placed in production at a capital cost of $121 million.
Based on reserves of 16 million tons grading 0.064 oz gold per ton, the project could produce 208,000 oz of gold per year utilizing open pit mining methods and conventional leaching technology.
Neptune has arranged a $10-million bridge loan with Elders Resources Finance. The loan, which is secured by a debenture with repayment to come from the future project financing, will fund the mobilization of equipment and supplies to the remote Arctic site.
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