GOLD STUDY: Scoping positive for Croinor deposit

QUEBEC - The Croinor gold project could be profitably producing within one year, according to the preliminary econo...

QUEBEC — The Croinor gold project could be profitably producing within one year, according to the preliminary economic assessment done by partners First Gold (Laval, QC) and X-Ore Resources (Val d'Or, QC). The property is located approximately 75 km by road from Val d'Or.

 

The study highlighted the possibility of producing 35,000 oz per year at a cash cost of US$492/oz. A total capital investment of C$11 million would include C$4.8 million for underground exploration and sampling during a 10-month pre-production period. Ore would be mined at a rate of 400 t/d and custom treated at an unnamed plant in the area. The project carries a pre-tax IRR of 205% at US$850/oz gold.

 

The scoping study was based on a 2005 measured and indicated, 43-101 resource estimate of 504,878 tonnes grading 10.21 g/t Au. The estimate is based on information available down to the 200-metre level, and drilling in 2007 and 2008 has expanded the mineralized material to a depth of 300 metres. A new resource estimate is expected soon.

 

Existing infrastructure at the Croinor gold project includes a ramp to the 38-metre level and a shaft to the 160-metre level. There are also 2 km of drifts on four levels, surface access roads, a water sedimentation pond and a building, the remnants of previous operations.

 

Project maps, photos and a technical report are available at www.X-Ore.com.

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