Tasiast yields goldMetallurgical test work by SGS Lakefield Research indicates gold recoveries of 94-95% from both oxide and primary ore at Defiance Mining‘s (DM-T) Tasiast gold project in Mauritania, West Africa.
The tests, which involved gravity separation and cyanide leaching (with 36 hours of retention time), were done as part of an ongoing bankable feasibility study being managed by SNC-Lavalin. The study is expected to wrap during the first quarter.
Meanwhile, results from recently completed hydrological drilling and test work for the process water supply for the mine are expected later this month.
Defiance pegs the deposit’s measured and indicated resource at 12.1 million tonnes running 3.1 grams gold per tonne, for around 1.2 million oz. of contained gold. Another 12.4 million tonnes of inferred material grades 2.3 grams gold.
Late last year, Defiance reached a deal to sell its Mexican subsidiaries, Geomaque de Mexico and Mina San Francisco to a private Mexican company for US$235,000. The Mexican company will also assume some associated debt. The Mexican subsidiaries held the San Francisco gold mine, which ceased mining in 2001.
In the end, the deal relieves Defiance of some US$1.9 million in long-term liabilities, including a US$925,000 surface rights purchase obligation and around US$760,000 in reclamation provisions.
Defiance will write down the carrying value of the San Fransico plant, equipment, parts, inventory, and receivables for a total of about US$980,000, for a net gain of US$1.2 million, including the sale price.
Shares in Defiance ended 3, or 5.1%, higher at 62 in Toronto following the news on Jan. 8.
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