Vancouver-based Calibre Mining (TSX: CXB; OTCQX: CXBMF) reported an update on the Valentine gold mine, located in Newfoundland and Labrador.
At Valentine, construction continues to advance with first gold now expected by the end of the third quarter this year. The delay was due to lower than planned productivity, and minor scope growth, which has resulted in an $80 million (C$110 million) increase to the initial project capital since our October 2024 update of C$744 million. Approximately 75% of the capital increase is attributable to the schedule extension and 25% is related to scope growth and quantity. As at the end of April the initial project capital remains fully funded with $203 million (C$280 million) in cash and $73 million (C$101 million) remaining to be incurred.
With mass construction materially complete the focus is on final electrical, piping, and instrumentation activities within the process plant. The primary crusher has been commissioned, with the coarse ore stockpile building well underway and ready to receive material by the end of May.
To ensure smooth commissioning and transition to operations, the company has strengthened contractor oversight and enhanced the owner’s team with the recent appointment of Pierre Légaré as project director for the process plant.
A Calibre statement reads: “Pierre is the managing director of Alvarez and Marsal INFRA Canada and has a proven track record over 30 years of project development across the mining and construction industries. His extensive career also includes over 20 years in senior roles at SNC-Lavalin, culminating in his position as vice president of projects in the mining and metallurgy division. These actions position us for a safe, more controlled, and efficient ramp-up, with operations expected to reach nameplate capacity in Q1 2026.”
It added: “We have successfully completed Valentine mine and mill staffing in preparation for commissioning and ramp-up activities. Importantly, key roles have commissioning experience which is critical to a smooth ramp up and long-term operational performance.”
Valentine is expected to produce approximately 200,000 ounces of gold annually as a long-life, low-cost cornerstone asset in Canada. The asset also offers significant exploration upside, highlighted by our new discovery where drilling intercepted 172.8 metres grading 2.43 g/t gold. The company expects 2025 will mark the largest pure exploration program in the property’s history.
More information is posted on www.CalibreMining.com.
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