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Cerro Quema oxide gold project, Panama

Aerial image of the Cerro Quema gold project, in Panama

Aerial image of the Cerro Quema gold project, in Panama

17th September 2021

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Cerro Quema oxide gold project.

Location
Azuero Peninsula, Los Santos Province, Panama.

Project Owner/s
Orla Mining.

Project Description
The 2021 prefeasibility study (PFS) has demonstrated the possibility of a low-cost, high-return heap-leach project.

The project envisages the openpit mining of ore from the La Pava and Quema-Quemita pits and will be developed in multiple phases.

The project includes proven and probable mineral reserves of 21.7-million tonnes grading 0.80 g/t of gold and 2.18 g/t of silver, for total mineral reserves of 0.56 million ounces of gold and 1.53 million ounces of silver.

This compares with 19.7-million tonnes at 0.77 g/t for a mineral reserve estimate of 490 000 oz in the project’s 2014 PFS, representing an increase of about 15% in contained ounces.

Based on an ore processing rate of 10 000 t/d, or 3.65-million tonnes a year, the project has an estimated six-year mine life.

Average gold and silver production is estimated at 81 000 oz/y and 66 000 oz/y respectively.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $233-million or an internal rate of return of 48%, with a payback of 1.7 years.

Capital Expenditure
$164-million.

Planned Start/End Date
Not stated.

Latest Developments
Orla plans to continue to advance the project towards feasibility level, which will provide the basis for a construction decision.

Key Contracts, Suppliers and Consultants
Kappes, Cassiday and Associates, Moose Mountain Technical Services, Resource Geosciences Incorporated, Anddes Asociados, HydroGeoLogica, and Linkan Engineering, with input from other consultant groups ( 2021 PFS).

Contact Details for Project Information
Orla Mining, tel + 604564 1852 or email info@orlamining.com.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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