YUKON – Toronto-based Victoria Gold Corp. is in possession of the definitive feasibility study for the Eagle gold project 375 km north of Whitehorse and hoping to begin production Q4 2014. The study was prepared under the direction of Tetra Tech.
President and CEO John McConnell said, “The project is economically robust and, with several years of 200,000 ounces per year of gold production at an operating cost less than US$600 per ounce, we are well on our way to creating a mid-tier gold company.”
The initial capital cost for Eagle is estimated at $382.8 million, the sustaining capital requirement will be $132.9 million, and closure costs (net of salvage value) are %64.2 million. An open pit with a nominal rate of 29,500 t/d ore will be developed with a mine life of nine years. Ore will pass through three stages of crushing and conveyed to an in-valley heap leach pad. The company said that the deposit has 91.2 million tonnes at 0.78 g/t Au of probable reserves containing 2.3 million oz of gold, of which 1.7 million oz will be recovered.
More information about the Eagle mine is available at VitGoldCorp.com.