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California Gold Mining Announces Filing of Preliminary Economic Assessment for Its Dingman Project
California Gold Mining Announces Filing of Preliminary Economic Assessment for Its Dingman Pro...
About this update from Canadian Goldfields Discovery Corp
[{"type":"text","content":"\nCalifornia Gold Mining Announces Filing of Preliminary Economic Assessment for Its Dingman Project\n\nCalifornia Gold Mining Announces Filing of Preliminary Economic Assessment for Its Dingman Project\n(NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.  ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.)\nToronto, Ontario CANADA, May 17, 2013 /FSC/ - California Gold Mining Inc. (CGM - TSX Venture), (\"California Gold\" or the \"Company\") announces that it has filed a technical report titled \"Technical Report on the Preliminary Economic Assessment of the Dingman Gold Project, Madoc, Southern Ontario, Canada\" prepared by Roscoe Postle Associates Inc. (\"RPA\") dated April 30, 2013 on SEDAR that constitutes a preliminary economic assessment (as defined by NI 43-101) (the \"Preliminary Economic Assessment\").  The Preliminary Economic Assessment concludes, in part, that the life of mine plan for the Dingman Project indicates that mining and processing of 10.64 Mt at an average grade of 0.92 g/t Au with a mine life of five years, has the potential to produce approximately 290,000 ounces of gold.   RPA estimated that the break-even pre-tax undiscounted cashflow for the Dingman Project could occur at a gold price of approximately US$1,650 and that using a gold price of US$1,825, the Dingman Project could achieve an internal rate of return of 15%.  At a base gold price of US$1,500/oz, the Preliminary Economic Assessment concluded that the Dingman Project is not expected to be economically feasible.  \n\"Gold prices are fluctuating. Under the right economic conditions the Dingman Project could, upon permitting approval and funding, provide a near term production scenario.  The Company will be reviewing its options and permitting opportunities,\" said Mr. Michael Churchill, President of the Company.\nThe Preliminary Economic Assessment is based upon the mineral resource estimate contained in the technical report prepared by Scott Wilson Roscoe Postle Associates Inc. dated as of January 31, 2011 and filed on SEDAR on February 8, 2011.  The Preliminary Economic Assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically ...