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Granada Gold Mine Announces Letter of Intent from DRA Americas Inc.
ROUYN NORANDA, QC, March 6, 2017 /CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the "Company" or "Granada") today announced it has e
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"ROUYN NORANDA, QC, March 6, 2017 /CNW/ - Granada Gold Mine Inc. (TSX-V: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the \"Company\" or \"Granada\") today announced it has entered into a Letter of Intent (LOI) with DRA Americas Inc., a subsidiary of DRA Global (\"DRA\"), to act as a technical advisor in the development of the Granada Gold project near Rouyn-Noranda, Quebec. The LOI outlines a multi-phase process involving DRA's participation in the evaluation of two options for the Company to have its own mill to process ore from the Granada deposit and for the eventual design, construction, financing and operation of the mill. The two mill options to be evaluated are: (1) a pre-concentration ore sorting facility of up to 500 dry tonnes per hour (tph) located in Quebec with a 50 dry tph gold processing facility located in Ontario: and (2) a gold processing facility located in Quebec. These two options were not reviewed or assessed in the Company's 2014 Pre-Feasibility Study, which proposed to use a custom milling arrangement with a third-party to process ore from open pits at the Granada deposit (see below for technical report details). In addition to a technical study by DRA, Concentrate Capital Partners Limited (\"CCP\"), an independent advisory firm to which DRA is a technical partner, will investigate a build, own, operate, transfer (\"BOOT\") funding solution as well as other financial options for the plant, in terms of which CCP will be responsible for working with Granada to develop an optimal financing structure and raise the requisite funding to complete the Granada project, which may include a capital investment by CCP. DRA and CCP's work will comprise several phases that can be progressed in parallel, culminating in a final technical and financial proposal to be provided to the Company in May 2017 including details of the feasibility study (FS) to be completed and an optimal financing strategy to complete the FS. The planned phases are: Completion of a Techno Economic Trade Off Study (\"TOS\") comparing the two options from a financial perspective, with Granada Gold's assistance; Completion of final CCP due diligence regarding the project; Agreement on the scope and terms of the FS; Determination of the level of investment from CCP in relation thereto; and Agreement on the terms of a potential BOOT solution and its ...