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Aris Mining Announces Updated Marmato Expansion PFS Including 57% Increase In Gold Mineral Reserves To 3.2 Moz
VANCOUVER, BC , Nov. 14, 2022 /CNW/ - Aris Mining Corporation ("Aris Mining" or the "Company") (TSX: ARIS) (OTCQX: TPRFF) announces updated mineral resource and
About this update from Aris Mining Corp
[{"type":"text","content":" VANCOUVER, BC , Nov. 14, 2022 /CNW/ - Aris Mining Corporation (\"Aris Mining\" or the \"Company\") (TSX: ARIS) (OTCQX: TPRFF) announces updated mineral resource and reserve estimates and a Preliminary Feasibility Study (\"PFS\") for the Marmato expansion project, effective June 30, 2022 (the \"2022 PFS\"), which includes significant growth and refinement over the PFS completed in March 2020 (the \"2020 PFS\"). Neil Woodyer, CEO of Aris Mining, commented: \"We are very pleased with the results of the 2022 PFS which includes an updated Marmato Lower Mine construction capital estimate of $280 million, that will be partially funded from $122 million of remaining committed stream financing, for a net construction funding amount of $158 million. Compared to the 2020 PFS, we have increased measured and indicated mineral resources by 47% to 6.0 million ounces of gold, the mineral reserves by 57% to 3.2 million ounces, and, at the base case $1,600 gold price, the project NPV5% is $341 million and the project IRR is 30%. Following construction of the new Lower Mine and based on the current mineral reserve, the Marmato mine is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life at AISC of US$1,0031/oz, as shown in Figure 1. \"We are nearing completion of the process to amend the existing environmental permits at Marmato to facilitate the expansion, and we plan to quickly enter the construction phase of the Lower Mine expansion project. On November 3, 2022 the Marmato Plan de Trabajos y Obras or PTO was approved by the Agencia Nacional de Minería as a progressive step toward fully permitting the expansion project.\" 1 AISC ($ per oz sold) is a non-IFRS financial measure and does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Please refer to the Non-IFRS Measures section of the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2022, which is incorporated by reference into this press release, and is available on SEDAR at www.sedar.com, for full details. Highlights of the 2022 PFS for the Marmato Expansion The Marmato expansion project includes the development of a new underground mine and 4,000 tonne per day (tpd) processing facility to add to the current 1,250 tpd Upper Mine. Total...