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CORRECTION: Cerrado Gold Announces Positive Feasibility Study Results for Its Monte Do Carmo Gold Project, Brazil
In a release under the same headline released Thursday November 2, 2023 by Cerrado Gold Inc. (TSX...
About this update from Cerrado Gold Inc
[{"type":"text","content":"CORRECTION: Cerrado Gold Announces Positive Feasibility Study Results for Its Monte Do Carmo Gold Project, BrazilIn a release under the same headline released Thursday November 2, 2023 by Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF), please note that the results in original press release were impacted by a computational error which resulted in incorrect NPV and IRR figures being published. As a result, the After Tax NPV5% declined to $369 million from $401 million and the IRR declined from 34% to 32%.\" All other information is unchanged. The corrected release follows:Cerrado Gold Announces Positive Feasibility Study Results for Its Monte Do Carmo Gold Project, Brazil, Including an After-Tax NPV5% of US$369 Million With an IRR of 32%HighlightsAfter-Tax NPV of US$369 million and IRR of 32%Average annual gold production of 94,797 ounces per annum over 9 year Life of Mine (\"LOM\")Average AISC of US$711 per ounce over LOMInitial Capex of US$186.6 million (including US$15.8 million contingency)2:1 ratio of NPV over Initial CapexAnnual average free cash flow of $85 million over the LOM, with total cumulative after-tax free cash flow of $562 million over LOMInitial Proven and Probable Reserves of 895 koz of Gold (16.8 Mt at 1.66 g/t Au)Updated Measured and Indicated Resources of 1,012 koz of Gold (18.4 Mt at 1.72 g/t Au) and Inferred Resources of 66 koz of Gold (1.1 Mt at 1.95 g/t Au)(All numbers reported in US dollars, unless specifically stated otherwise)TORONTO, ON / ACCESSWIRE / November 7, 2023 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") is pleased to announce the very positive results of an independent Feasibility Study (\"FS\") prepared by DRA Global Limited (\"DRA\") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\") on its 100% owned Monte do Carmo gold project located in Tocantins State, Brazil. The results of the Feasibility Study supersede the 2021 Updated Preliminary Economic Assessment dated July 21, 2021 entitled \"Independent Technical Report - Update Preliminary Economic Assessment for Serra Alta Deposit\" filed on SEDAR by GE21 LTDA on October 7, 2021.The FS outlines a robust project, with low capital costs and low operating costs generating significant Free Cash Flow over a 9 year mine life. The FS is focused on the principal S...