Canadian Mining Journal


GOLD: Monarques says updated PFS for Croinor is positive

QUEBEC – Monarques Gold of Montreal has updated the pre-feasibility study for its Croinor project with a 10% increase in proven and probable reserves, a 16% decrease in operating costs, and a 13% cut to total costs.

Ore from the Croinor gold mine would be processed at the Beacon mill near Val d’Or. (Image: Monarques Gold)

The revised study puts total costs at US$902/oz. of gold with annual gold production of 31,472 oz. The project has an after tax internal rate of return of 30%.

Located near Val d’Or, the Croinor mine will be a four-year underground venture with ore to be processed at the Beacon mill.

Monarques says the Croinor mine has probable and probable reserves of 602,994 tonnes at a grade of 6.66 g/t gold. There are 125,889 oz. of gold in the reserves. It would take approximately $50.7 million to put the mine into production.

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