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GOLD STUDY: Promising PEA filed for Meliadine property

NUNAVUT - Comaplex Minerals of Calgary has filed the preliminary economic assessment (PEA) for its Meliadine gold p...


NUNAVUTComaplex Minerals of Calgary has filed the preliminary economic assessment (PEA) for its Meliadine gold project near Rankin Inlet, and it looks promising. At a gold price of US$700/oz and a US-to-Canadian exchange rate of $0.85:$1.00, the after-tax internal rate of return (IRR) would be 21.6%. A C$382-million investment would be recovered in only 2.7 years at an estimated cash operating cost of C$379/ oz of gold.

 

The proposed operation at Meliadine would be a combination of open pits (Tiriganiaq, Discovery and F zone) and underground mining. The pits will be conventionally mined at a rate of 500,000 t/y. The underground mine proposed for the Tiriganiaq deposit would be a ramp-access operation with mining by blasthole and cut-and-fill methods.

 

The 3,000-t/d mill to be built will include conventional crushing and grinding with a gravity-flotation-cyanidation circuit with a 92.6% gold recovery. It will treat 985,000 t/y of diluted mineralized material over a mine life of 9.5 years for the production of 2.29 million oz of gold. Feed would consist of 1,700 t/d of underground ore and the balance from the pits.

 

All tailings would pass through a cyanide destruction circuit. The study reviews two alternative tailings deposition sites: a land based option and a sub-aqueous (shallow lake) option.

 

A total of 430 jobs will be created, with a total workforce on-site at any time of 230 to 240 people. These people would be employed partially from local Inuit communities, with the balance on a fly-in-fly-out rotation. Recruitment would maximize employment opportunities for inhabitants of Rankin Inlet and other Arctic communities.

 

The 43-101-compliant PEA may be read in its entirety at www.Sedar.com.


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