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Velocity Minerals Files PEA Technical Report on SEDAR for the Rozino Gold Project, Tintyava Property, Bulgaria
VANCOUVER, British Columbia, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has filed on S
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has filed on SEDAR an independent Preliminary Economic Assessment (“PEA”) Technical Report (the “Report”) for its Rozino gold project (“Rozino” or the “Project”), Tintyava Property, located in southeast Bulgaria. The Report entitled “Preliminary Economic Assessment – Rozino Project, Tintyava Property, Bulgaria” is dated October 26, 2018 (effective date September 17, 2018) and was prepared by CSA Global, an international mining consultancy with experience in Bulgaria, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The PEA results were previously disclosed in the Company’s news release dated September 17, 2018. The PEA provides a base case assessment of developing Rozino by open pit mining, on-site crushing, milling and flotation to produce a 30 g/t gold concentrate. The concentrate would then be trucked 85km on existing roads to an existing, operating CIL processing plant where saleable gold doré would be produced. PEA1 Highlights After-Tax Financials: After-tax NPV5% of $129 million and after-tax IRR of 33% Cash Cost: All-in sustaining cost2 of US$543 per ounce Annual Gold Production: Steady state3 annual production of 65,000 ounces, peak annual production of 78,000 ounces Capital Costs: Total estimated capital costs of $97.6 million (includes contingency) Sustaining Capital: Low estimated sustaining capital of $6.3 million Mining: Open pit with 0.6 g/t gold Cut-Off Grade (COG), attractive strip ratio of 2.5 and 1.51 g/t Life of Mine (“LOM”) gold grade Processing: On-site flotation producing gold bearing pyrite concentrate assaying 30 g/t and transportation to an existing CIL plant (located 85 km from the Project) for processing ROCE: Return on capital expenditure of 3.3 Mineralization: Mineralization remains open for expansion (1) Base case parameters assume a gold price of US$1,250/ounce and an exchange rate (CAD$ to US$) of 0.75. All amounts are reported in Canadian dollars unless otherwise specified. Financial results on 100% equity basis.(2) All In Sustaining Cost (AISC) is defined as all cash costs related to mining and processing...