Name of the Project
Goliath gold complex (GGC).

Location
Along a prospective 65 km trend, in north-western Ontario, Canada.

Project Owner/s
Treasury Metals.

Project Description
The GGC comprises the Goliath, Goldlund and Miller deposits.

A preliminary economic assessment (PEA) envisages a combined openpit and underground mining operation using the resources from three different pit areas over a 13.5-year life-of-mine (LoM).

It is envisioned that mining will be initiated at the Goliath project, owing to its proximity to the processing facility and its existing federal environmental assessment approval.

The PEA proposes that mining at the Goldlund deposit will follow the initial start of production by about one year. The Goliath underground operations are expected to begin development in Year 3, with first underground production to start in Year 4 of the proposed mining operations. Proposed openpit and underground mining is envisioned as being conventional truck-and-loader/shovel and longhole stoping respectively.

The base case for the project supports a 13.5-year LoM, with average production of 102 000 oz/y of gold for the first nine years.

Total LoM production is estimated at 1.06-million ounces. The process plant will treat 1.8-million tonnes a year of ore at an average throughput of 4 875 t/d, with an availability of 92%.

The plant design includes a three-stage crushing circuit, ball mill, gravity concentration, classification, standard leach and carbon-in-leach technology, as well as detoxification, before deposition into a tailings storage facility.

The base case for the project supports a 13.5-year LoM, with average production of 102 000 oz/y of gold for the first nine years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $477-million and an internal rate of return of 37.3%, with a pretax payback of less than two years.

Capital Expenditure
Initial capital costs are estimated at $233-million.

Planned Start/End Date
Not stated.

Latest Developments
Treasury Metals has announced a nonbrokered private placement to raise up to C$4-million.

The proceeds of the offering, which will comprise up to 29.6-million units at C$0.14 each, will be used to advance the Goliath project.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada (PEA).

Contact Details for Project Information
Treasury Metals, tel +416214 4654 or email info@treasurymetals.com.