Equigold looks to finalise Bonikro development funding

摘要

With board approval to develop the US 55 million dollors Bonikro project in the Ivor)' Coast the task at hand no, for Equigold NL is shoring up finance and finalising political risk insurance to meet its February 2008 production deadline. The company recently completed a bankable feasibility study into the development of Bonikro based on a milling rate of 2.75 million tonnes per annum to produce 785,084 ounces at a grade of 1.88 grams tonne and at a recovery rate of 94 percent. Average annual production is around 120,000 oz. The mine life was calculated at 6.75 years at cash operating costs of US 251/oz dollors with a payback period of 18 months at a US 600/oz dollors gold price. The base case scenario was based on the assumption that the open pit would be mined on an owner-operator basis.