Galaxy gold project, South Africa – update
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 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.
Galane plans to make a decision in the near future to implement the Phase 2 growth plan to target production of more than 50 000 oz/y of gold.
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
Galane started stoping at the Galaxy orebody at the end of July, and expects to see a marked increase in tonnes delivered to the processing plant going forward. This represents the final milestone to be met as the company ramps up production to more than 26 000 oz/y.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Galane Gold investor relations, email investors@galanegold.com.
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