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Minnova Corp. Announces Positive Feasibility Study for the PL Gold Mine
Toronto, Ontario--(Newsfile Corp. - November 1, 2017) - Minnova Corp . (TSXV: MCI) (OTC: AGRD...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Positive Feasibility Study for the PL Gold MineToronto, Ontario--(Newsfile Corp. - November 1, 2017) - Minnova Corp. (TSXV: MCI) (OTC: AGRDF) (\"Minnova\" or the \"Company\"), an advanced-stage mining exploration and gold development company focused on the advancement and re-start of our 100% owned PL Gold Mine in central Manitoba is pleased to announce results of the Feasibility Study (\"2017 FS\") considering the re-start of the PL Gold Mine initially as an underground mine located near, Sherridon, Manitoba. The FS 2017 was prepared by A-Z Mining Professionals Ltd. (\"AZM\") based on an updated mineral resource estimate prepared by Leon McGarry of CSA Global Pty Ltd. (\"CSA\"). Currencies reported below are in Canadian dollars unless otherwise specified.Highlights from the Feasibility Study Base Case, which uses a long term gold price of US$1,250 per ounce gold and USD:CAD exchange rate of 1.30, include:Pre-tax Net Present Value (\"NPV\") at a 5% discount rate of $55.9 million and an Internal Rate of Return (\"IRR\") of 65%;After-tax NPV at a 5% discount rate of $36.7 million and IRR of 53%;Proven & Probable Mineral Reserves of 259,000 ounces of gold (1.27 million tonnes at 6.34 g/t Au), a subset of the Measured and Indicated Resources of 282,500 ounces of gold (1.48 million tonnes at 5.93 g/t Au). The 2017 FS excludes Inferred Resources of 301,700 ounces of gold (1.84 million tonnes at 5.08 g/t Au)After-tax payback of 1.5 years after plant start-up;Minimum 5 year mine life, mining and processing 1.27 million tonnes, averaging 6.34 grams per tonne (\"g/t\") gold, and producing 232,463 ounces of gold;Underground production amounts to 0.95 million tonnes at an average diluted grade of 7.00 g/t gold;Open pit production amounts to 0.31 million tonnes at an average grade of 4.35 g/t gold;Total payable gold production of 232,463 ounces with an average Life of Mine (\"LOM\") cash cost of US$715 per ounce and average AISC of US$942 per ounce;Years 2 to 5 mill feed planned at 788 tpd to produce an average of 45,637 ounces;Pre-production (Year -1) capital cost of $35.35 million including a 10% for contingency, environmental bonds and initial working capital;In Year 1, the projected $12.5 million capital expenditure is offset by net income of $38.5 million;Sustaining Capital and Closure Costs of $54.16 mi...