Galaxy gold project, South Africa
Name of the Project
Galaxy gold project.
Location
Mpumalanga, South Africa.
Project Owner/s
TSX-V-listed Galane Gold.
Project Description
A new preliminary economic assessment (PEA) completed on the 5 863 ha Galaxy project has resulted in a 60% increase in all resources categories, with resources in the measured and indicated categories totalling 970 904 oz of gold. Inferred resources have increased to more than 1.4-million ounces of gold.
The PEA has proposed a mining operation with an initial 11-year mine life, producing 413 421 oz of gold.
The company is currently focused on the expansion of Galaxy to reach the Phase 2 target production of 43 000 oz/y.
The mine comprises 21 east-west-trending gold bodies and four prospects at 600 m to 2 000 m in depth.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has a net present value, at a 5% discount rate, of $147-million and internal rate of return of 1 498%.
Capital Expenditure
Peak funding is estimated at $600 000.
Planned Start/End Date
Not stated.
Latest Developments
None stated.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Galane Gold investor relations, email investors@galanegold.com.
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