Red Eagle Mining raises $1m towards San Ramon gold project
JOHANNESBURG (miningweekly.com) – TSX-listed Red Eagle Mining has completed a $1-million equity financing deal with an unknown strategic investor, with the proceeds earmarked for the predevelopment of and general capital purposes at its San Ramon gold deposit, in Antioquia, Colombia.
The gold exploration company reported on Tuesday that the private placement involved 3.83-million common shares that would be subject to a four-month hold period from the date of issuance.
In December, Red Eagle said detailed engineering and construction-level design work for the proposed processing facility and related infrastructure at San Ramon had started.
The detailed engineering was being led by Lycopodium, an international project management and engineering firm, which also prepared the feasibility study.
The engineering included mechanical specifications and tender documentation for the key long-lead items, and design and tender documentation for the bulk earthworks and civils design.
The feasibility study was based on San Ramon being a 1 000 t/d underground mining operation, using conventional shrinkage stoping mining methods with delayed backfill.
The ore would be processed incorporating single-stage crushing, a semi-autogenous grinding milling and flotation with concentrate regrinding, followed by conventional carbon-in-leach processing of the combined flotation tails and reground concentrate to produce gold doré. Expected metallurgical recovery was 96%.
Initial capital costs were $74-million, with cash costs averaging $596/oz and all-in sustaining costs $763/oz. Production in the first two years would average 71 000 oz/y of gold at an average grade of 6.48 g/t of gold.
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