SOUTHERN MEXICO – Vancouver’s GOLDCORP has amended its feasibility study for the Los Filos project with the inclusion of the Bermejal deposit. The original study was completed in 2005 before the additional deposit was required.
The new reserve and resource numbers include over 5.0 million oz of gold. Proven and probable reserves total 202.65 million tonnes at 0.69 g/t Au. Measured and indicated resources are 16.18 million tonnes at 0.70 g/t Au. There are also 10.92 million tonnes at 0.49 g/t Au in the inferred category.
Construction at the Los Filos project is already 70% complete, and commercial production is expected in the second quarter of 2007. The Los Filos and Bermejal deposits will be developed as twin open pit, heap leach operations. High-grade ore from the Los Filos deposit will be agglomerated and leached separately from lower grade ores. Low-grade material from Los Filos and Bermejal will be placed directly on the heap for bulk leaching.
The feasibility study for a project averaging 315,000 oz of gold annually puts the capital cost at US$187 million plus US$45 million in pre-production capital. The cash operating cost is expected to be US$250/oz.
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