PERTH (miningweekly.com) – Junior gold developer Nusantara Resources has reported a maiden ore reserve of one-million ounces at its Awak Mas gold project, in Indonesia.
“Our maiden ore reserve represents a significant milestone for the company and now places Nusantara among an elite group of ASX-listed gold development companies,” said MD and CEO Mike Spreadborough.
“This ore reserve combined with the exploration potential of the project demonstrates the value of a proposed long-life, low-cost and standalone gold project at Awak Mas.”
The company is currently considering a 2.5-million-tonne-a-year operation at Awak Mas, with a definitive feasibility study due for delivery in July this year. The project is currently expected to cost between $150-million and $170-million to develop, with project commissioning expected to take some 27 months.