Name of the Project
Okvau gold project.

Location
In the Mondulkiri province, in eastern Cambodia.

Project Owner/s
Renaissance Minerals, a wholly owned subsidiary of ASX-listed Emerald Resources.

Project Description
Okvau has an independent Joint Ore Reserves Committee-compliant initial ore reserve of 14.3-million tonnes at 2 g/t gold for 907 000 oz at an average all-in sustaining cost of US$754/oz over an initial seven-year life-of-mine.

The project involves the development of an openpit and a two-million-tonne-a-year processing plant to produce 106 000 oz/y of gold on average.

The deposit will be mined using conventional openpit mining methods from one pit at a relatively constant mining rate. Mining will be undertaken by drilling and blasting ore and waste, with loading and hauling being undertaken by a mining contractor.

The proposed processing plant will use a single-stage crushing circuit and semiautogenous grinding milling circuit, sulphide flotation and regrind mill, followed by conventional cyanide leaching.

Tailings from the process plant will be disposed of in a dedicated tailings storage facility.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
A review of the DFS, at a higher gold price of $1 450/oz, has increased the projected net present value of the project from $217-million to $337-million and the internal rate of return from 48% to 69%, compared with the original DFS, which was based on a spot price of $1 250/oz. The project has a pretax payback of 1.4 years.

Capital Expenditure
Total development costs have been estimated at $98-million.

Planned Start/End Date
The project is expected to have its first gold pour in 2021.

Latest Developments
Emerald Resources is on track to start commissioning of its Okvau gold project by the second quarter of 2021, with first gold pour also planned for the second quarter.

The $98-million, two-million-tonne-a-year Okvau operation will deliver about 106 000 oz/y of gold over an initial mine life of seven years.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Emerald Resources, tel +61 8 9286 6300, fax +61 8 9286 6333 or email info@emeraldresources.com.au.