Business
Board approves pre- feasibili
Board approves pre- feasibili.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 9792W Fresnillo PLC 06 August 2009 \n \nFresnillo Plc\n28 Grosvenor Street\nLondon W1K 4QR\nUnited Kingdom\nwww.fresnilloplc.com\n\n6 August 2009\n\n\nBoard approves pre- feasibility study for first stage of Saucito project\n\nFresnillo plc, the world's largest primary silver producer and Mexico's second largest gold producer, is pleased to announce that the Board has approved the pre-feasibility study for the development of the first stage of Saucito project, in the Fresnillo region. The Saucito project is located approximately eight kilometres southwest of the Fresnillo mine and it aims to be another world class silver mine. The pre-feasibility study considers a 3,000 tonnes per day operation starting in 2011. The expected annual production at full capacity will be approximately 9 million ounces of silver and 45,000 ounces of gold. The first stage of the project only considers ore from the Saucito and Jarillas veins and does not include ore from the Mezquite, Madroño, Santa Natalia and Valdecañas East and West veins in the region as they need to be further explored. The estimated initial investment will be US$309 million with a sustaining capital of US$68 million over the life of the mine.\n\nJaime Lomelin, Chief Executive Officer of Fresnillo plc said,\n\n'This is a very exciting chapter in our growth strategy as the discovery and development of Saucito illustrates our main drivers of value creation: large, long life assets developed by consolidating districts.' \n\nFor further information, please visit our website: www.fresnilloplc.com or contact:\n\nFresnillo plc \nLondon Office Tel: +44 (0)20 7399 2470\nOctavio Alvidrez, Head of Investor Relations\n\nMexico City Office\nGabriela Mayor Tel:&nbs...