GOLD STUDY: Touquoy-Cochran project to cost $123 million

NOVA SCOTIA - Atlantic Gold of Australia has a definitive feasibility study in hand that says its Touquoy-Cochrane Hill gold project will produce 84,000 oz/yr at a cost of US$505/oz. It is now seeking financing for the $123 million project in the central part of the province.

Atlantic estimates ore reserves at 9.59 million tonnes at 1.48 g/t. Ore will be recovered by open pit at a rate of 15,000 t/d using 92-t trucks and 110-t excavators. The mill will feature both a gravity circuit and a hybrid carbon-in-leach (CIL) circuit. Other facilities will include an office, equipment workshop, warehouse, laboratory, reagent storage and laydown yard.

Itemized capital cost and operating costs are available at www.AtlanticGold.com.au in the announcement dated July 5, 2010.