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Red Mountain launches DFS at Philippines project

Red Mountain launches DFS at Philippines project

Photo by Bloomberg

8th May 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Explorer Red Mountain Mining has launched a definitive feasibility study (DFS) for its Batangas gold project, in the Philippines.

The DFS followed on from the recent scoping study that demonstrated the potential for a viable gold mining and processing project that could deliver about 90 000 oz of gold over a four-and-a-half year mine-life.

Batangas was expected to deliver about 20 000 oz/y of gold and 46 000 oz/y of silver, at a cash operating cost of A$769/oz.

“We are pretty excited to get the DFS officially under way. Our aim is to complete the DFS and all required permitting in parallel so that we are in a position to finance and develop the project from as early as next year,” said Red Mountain MD Jon Dugdale.

“Our strategy at Batangas is to develop the project based on identified high-grade resources, and continue to explore for new ounces at the same time. A key advantage of this project is the very high grade at the surface, initial planned production, which provides the opportunity for rapid payback of installed capital,” Dugdale added.

The  DFS was scheduled for completion by December this year.

Edited by Creamer Media Reporter

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