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Minnova Corp. - Corporate Update on Our PL Mine Restart Plan, Additional 2021 Assay Results, Issuance of Broker Warrants in Connection with Non-Brokered Offering and Option Grant
Toronto, Ontario--(Newsfile Corp. - March 17, 2021) - Minnova Corp. (TSXV: MCI) (OTC Pink: A...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. - Corporate Update on Our PL Mine Restart Plan, Additional 2021 Assay Results, Issuance of Broker Warrants in Connection with Non-Brokered Offering and Option GrantToronto, Ontario--(Newsfile Corp. - March 17, 2021) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) (\"Minnova\" or the \"Company\"), a discovery-stage exploration and advanced development-stage gold company focused on the expansion and restart of our 100% owned PL Gold Mine in central Manitoba is pleased to provide and update on our restart plan, latest assay results and positive implications for resource expansion potential.PL Mine Restart Work Programs: Planning has been comprehensive and is ongoing in parallel to finance discussions in support of the restart of the PL Gold Mine. The PL Mine is permitted for quick restart and we are advancing discussions with qualified contractors and service providers including;Mine restart upcoming/planned work programs;Surface bulk sample Ore sorting characterization study and follow-on test workUpdated metallurgical test work with focus on gravity concentration recovery Completion of grid power connectionWater treatment design and implementationPaste back fill design and implementationNew northern portal and decline plan, design and implementationCamp expansion and upgradesDetailed engineeringEquipment considerations and selectionContract miningPersonnel/labour additionsAs we move forward with above programs it is important for shareholders to understand and appreciate that the 2017 Feasibility Study (\"2017 FS\") outlined what management and board view as the Phase 1 (\"P-1\") restart plan was completed using a base case gold price of US$1250 per ounce in support of an initial 5 year mine life, processing up to 600 t/d, producing an average of 46,000 ounces of gold annually at all-in sustaining costs of US$948 per oz. Initial mine restart and site refurbishment capital cost was estimated at C$35.4 million. The P-1 mine restart plan has considerable leverage to current higher gold price (see January 7, 2021 Press Release http://minnovacorp.ca/2021-01-07-NR-MCI.pdf), in support of our efforts to restart mining operations. Free cash flow generated by the P-1 restart plan will enable the company to internally fund our Phase 2 (\"P-2\") program to extend the mine life through an aggressive resource expansion, production...