The key Miraflores prospect was the subject of an economic study released during the previous quarter which demonstrated the viability of a project producing 50,000 ounces of gold per year over a nine year life at all in sustaining costs of US$648 per ounce.
The cost to build such an operation at Miraflores was put at US$98 mln.
Meanwhile, at Los Calatos the first tranche of funding from joint venture partner CD Capital has now been received.
The company has also now received the cash from a A$1 mln placing that it completed in October and is in talks about potential funding for a full-blown feasibility study at Miraflores.
Story by ProactiveInvestors