Relief Canyon gold project, US
Name of the Project
Relief Canyon gold project.
Location
The project is located in Pershing County, Nevada, in the US.
Client
Pershing Gold.
Project Description
A prefeasibility study (PFS) completed on the project has proved positive and has indicated the viability of contract mining and conveyor stacking to bring the project into production.
Pershing Gold has all the state and federal permits necessary to start the Phase 1 mining and heap-leach processing operations. The company is planning a two-phase permitting and development scenario for the project.
Phase 1, which has been approved, involves the repurposing of previously approved disturbance for expanded mining to a pit bottom elevation of 1 548 m and partial backfilling of the Phase 1 pit about 6.1 m above the historical groundwater elevation to eliminate a pit lake. It also involves expanded exploration operations, full build-out of the heap-leach pad to accommodate leaching of the Phase 1 ore, and construction of a new waste-rock storage facility.
Phase 2 will include additional mine expansion and allow for mining further below the water table.
Jobs to Be Created
Not stated.
Net Present Value/Internal Rate of Return
The PFS estimates a pretax net present value, at a 5% discount rate, of $144.6-million and an internal rate of return of 89%.
Value
Initial capital expenditure is estimated at $23.6-million.
Duration
None stated.
Latest Developments
The PFS has recommended that Pershing advance the project to a production decision.
Key Contracts and Suppliers
None.
On Budget and on Time?
Not stated.
Contact Details for Project Information
Pershing Gold VP investor relations Jack Perkins, tel +1 720 974 7254 or email investors@pershinggold.com.
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