Continental Gold Inc.
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The Buriticá Project is a high grade gold deposit, located in the Antioquia, Colombia, about 280 km northwest of Medellin, and is 100% owned by Continental Gold Inc. (CGI). It hosts a mineral reserve for the two veins systems, Yaraguá and Veta Sur, which combined total 3.7M ounces of gold and 10.7 million ounces of silver (13.7M tonnes grading 8.4 g/t gold and 24.3 g/t silver). The Project will exploit the two mineralized vein systems over a 14 year production period by way of a multiple ramp access underground mine, whole ore cyanide leach processing facility capable of processing 3,000 tonnes per day, dry-stacked filtered Tailing Storage Facility and related infrastructure.
JDS was commissioned by CGI to carry out a Feasibility Study (FS) of the Buriticá Project, and to support the engineering and permitting process for the development of the project in Colombia. The NI 43-101 technical report was published in February, 2016, within budget and on schedule, with the following highlights:
- After-tax Internal Rate of Return of 31% at $1,200/oz gold and 38% at $1,400/oz gold
- Payback period of 2.3 years at $1,200/oz gold and 1.8 years at $1,400/oz gold
- Estimated project capital cost, including contingency, of $389.2M
- Average annual gold production (first 5 years) of 282,000 oz and 494,000 ounces of silver, at a total average cash cost of $387 per ounce of gold (including silver credits)
- LOM production will average 253,000 ounces of gold and 466,000 ounces of silver annually, at a total cash cost of $411 per ounce of gold (including silver credits)
- LOM ore production of 13.7M tonnes grading 8.4 g/t gold and 24.3 g/t silver
- 14-year mine life that will produce 3.5M ounces of recovered gold and 6.4M ounces of recovered silver
JDS continues to support the client to secure financing, Colombian National mining permit acquisition, and to advance the critical engineering of the project.