Higher silver prices have prompted London-based Oxus Gold to accelerate development of its Vysokovoltnoye project at the Amantaytau Goldfields mine in Uzbekistan. The first silver and gold pour at the project is slated for the first quarter of 2005.
Oxus will fund Vysokovoltnoye via cash flow from the Amantaytau oxide project, which Oxus says has exceeded expectations with 17,500 oz. of gold produced so far. Plant throughput is ahead of schedule and gold recoveries exceed 90%. Production at Amantaytau began in early January, just nine months after the start of construction at the mine.
Vysokovoltnoye comprises three orebodies; Vysokovoltnoye OB4 contains proven and probable reserves of 2.3 million tonnes running 1.24 g gold and 27 grams silver per tonne, Vysokovoltnoye OB7 is home to 1.7 million tonnes grading 1.1 grams gold and 127 grams silver. The reserves are based on a cutoff grade of 0.6 gram gold, and are contained in the shallow oxide zone. Additional sulphide orebodies are known to exist below the oxides.
Oxus pegs Vysokovoltnoye’s net present value at US$54.8 million, at a discount rate of 10%.
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