Integra Gold Corp (CVE:ICG) plans to produce an average annual output of 135,000 ounces, of gold over the first eight years of life at the Lamaque project in Quebec. Life of mine average production is set at estimated at 123,000 ounces, for total 1.3 mln ounces, according to a preliminary economic assessment which updates numbers first put out in 2015.
Cash costs over the life of the mine are set at US$458 per ounce, with all-in sustaining costs running at US$634.
According to the PEA Integra will require C$175 mln to get the mine built, although net of pre-production revenues that number drops to C$111 mln.
The study assumed a gold price of US$1,250 per ounce.
“The project is now able to demonstrate substantially higher economic returns, a much longer mine life, more than double the amount of recovered ounces, and a material increase in the annual production profile while still managing to operate with all-in sustaining costs of less than US$650 per ounce,” said chief executive Stephen de Jong.
Story by ProactiveInvestors