ITM is a private Luxembourg-based company. The agreement calls for a new company to be established in Luxembourg which will acquire Sikaman’s 85% interest in the concessions. The new company, Roan Selection Trust Overseas, will be owned 60% by ITM and 40% by Sikaman.
An independent feasibility study carried out by Minproc Engineers of Australia recommends building a single plant to treat one million cubic metres of material annually. Average production of 17,000 oz gold per year at $166(US) per oz, based on the 7-year project life existing reserves would provide, is projected.
Sikaman reports a debt-financing package of $5 million(US) is being negotiated with banks. A project start-up is possible during the third quarter of 1990.
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