Doray hunts for Deflector funding
PERTH (miningweekly.com) – ASX-listed gold miner Doray Minerals has called on PCF Capital Group to assist in the hunt for funding to develop the Deflector copper/gold project, in Western Australia.
The company told shareholders that PCF would assist Doray in assessing financing alternatives and securing funding for the construction of the Deflector project, in the hopes of bringing the project into production by 2016.
The Deflector project was acquired through the takeover of Mutiny Gold earlier this year, in which shareholders of that company were offered one Doray share for every 9.5 Mutiny shares held.
Once in production, the Deflector project would effectively double Doray’s production to about 160 000 oz/y gold equivalent. The project would likely deliver about 63 000 oz of gold, 2 662 t of copper and 60 000 oz of silver.
Mutiny had previously estimated that the project would require a capital investment of A$67.6-million, with the project expected to have a net present value of A$111-million and an internal rate of return of 50%.
The combined company would have a mineral resource base of more than one-million ounces of gold, grading at 7.7 g/t gold, and 27 000 t of copper, grading at 0.9%.
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