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Kinross Gold announces results of Lobo-Marte pre-feasibility study
(This news release contains forward-looking information about expected future events and performance of the Company. We refer to the risks and assumptions set
About this update from Kinross Gold Corporation
[{"type":"text","content":" (This news release contains forward-looking information about expected future events and performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located at the end of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.) TORONTO, July 15, 2020 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” or the “Company”) today announced the results of a pre-feasibility study (“PFS”) for its Lobo-Marte project in Chile. Lobo-Marte offers the potential of a cornerstone asset with attractive all-in sustaining costs1, 2 to enhance Kinross’ long-term production profile. The project adds a significant 6.4 million gold ounces, representing an approximately 25% increase, to the Company’s 2019 year-end mineral reserve estimates in a favourable mining jurisdiction. The reserve addition also increases Kinross’ reserve life index3 by approximately 2.5 years. The PFS estimate includes total life of mine production of approximately 4.5 million Au oz., average cost of sales of $545 per Au oz.1, 2 and average all-in sustaining cost of sales of $745 per Au oz.1, 2 during a 15-year mine life, which includes 12 years of mining followed by three years of residual processing. The project has attractive grades and a low estimated strip ratio, in part due to historical stripping completed at the Marte pit. Lobo-Marte pre-feasibility study highlights Life of mine production (million Au oz.) 4.5 Life of mine ore processed (million tonnes) 147 Average grade processed (Au g/t) 1.35 Strip ratio 2.2 Average production cost of sales (per Au oz.)1, 2 $545 Average all-in sustaining costs (per Au oz.)1, 2 $745 Average recovery rate Au 71% Average processing cost (per tonne) $9.85 Average mining cost (per tonne mined)4 $2.20 Life of mine average G&A costs (million per year) $30 The PFS contemplates an open pit, heap leach and SART (Sulphidization, Acidification, Recycling and Thickening) plant operation using rope conveyors and mining the Marte and Lobo deposits in succession. Kinross has previously used SART technology successfully in the region. Subject to a positive development decision,...