QUEBEC – Toronto-based Wallbridge Mining Co. Ltd
. has received a positive prefeasibility study for its Fenelon gold project 75 km northwest of Matagami. The report estimates a pre-tax net cash flow of $6.62 million and a project pre-tax internal rate of return of 92% for the initial approximate 18-month mine life.
[caption id="attachment_1003717044" align="alignleft" width="300"] Longitudinal view looking south showing schematics of the Fenelon ramp and levels.
The known reserves are located above 100 meters depth and in close proximity to the existing ramp. The measured and indicated resource consists of both broken and in situ material. The category includes 91,100 tonnes grading 12.97 g/t Au and containing 38,000 oz of gold. The known inferred resource, 6,500 tonnes grading 9.15 g/t, is entirely in situ. The cost of taking the project to production late next year is about $40.8 million.
Maps and drill core photos of the Fenelon project are posted at www.WallbridgeMining.com.