Ollachea gold project, Peru
Name and Location
Ollachea gold project, Peru.
Client
Minera Kuri Kullu, a subsidiary of Mineral IRL.
Project Description
The Ollachea project hosts a Canadian National Instrument 43-101-compliant indicated resource of 10.6-million tons, grading 4 g/t gold for 1.4-million ounces of gold. Probable mineral reserves are indicated at 9.3-million tons, grading 3.4 g/t gold for one-million ounces of gold.
A definitive feasibility study (DFS) on Ollachea has confirmed an economically and technically robust, long-life project, producing 113 000 oz/y of gold at full capacity. The main access to the orebody will be through a 1.2-km-long exploration access drive from the plant site in the adjacent valley.
A conventional metallurgical processing plant will extract 91% of the gold and will have a capacity of 1.1-million tons a year. Tailings will be filtered and split between underground cemented fill and dry stacking on the surface.
Value
The project has an upfront capital cost estimate of $177.5-million.
Duration
Ore-stoping production is scheduled to begin in early 2015, ramping up to the full 1.1-million-ton-a-year rate by mid-2016.
Latest Developments
The successful completion of the DFS established the basis for moving quickly towards development.
An environmental-impact assessment was expected to be submitted before the end of 2012. Detailed engineering is expected to begin in early 2013.
Key Contracts and Suppliers
None stated.
On Budget and on Time?
Too early to state.
Contact Details for Project Information
Minera IRL VP: corporate relations, Trish Kent, tel +511 418 1230, fax + 511 4181270 or email minera@irl.com.pe.
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