Exploring for Gold in the Rainy River and Red Lake districts of Northwestern Ontario

81m @ 5.08 g/t Gold, 28m @ 13.28 g/t Gold, 9m @ 12.88 g/t Gold, 46.6m @ 2.28 g/t Gold plus Bonanza grade Silver (up to 1760 g/t)

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Message: Re: Up 13% - Nice action
1
Aug 28, 2012 04:26PM
1
Aug 30, 2012 09:22AM

Nice PEA on RR. WHen are they buying us out?

HIGHLIGHTS OF THE UPDATED PRELIMINARY ECONOMIC ASSESSMENT

First 10 Years of Production:

  • Average annual production of 308,000 gold ounces and 478,000 silver ounces.
  • Average mill head grade of 1.45 g/t of gold, an increase of 50% over the first PEA.
  • Average open pit grade improves by 39% to 1.25 g/t of gold with stockpiling of low grade material compared to the November 2011 PEA open pit grade of 0.90 g/t of gold.
  • Average underground grade improves by 19% to 4.20 g/t of gold compared to the November 2011 PEA underground grade of 3.52 g/t of gold.
  • Average cash costs of US$486 per ounce gold (including royalties and net of silver credits).
  • Operating strip ratio of 2.5:1 (excluding overburden and capitalized waste) compared to the November 2011 PEA operating strip ratio of 3.3:1.
  • Processing throughput averaging 20,000 tonnes per day (tpd).
  • Production is anticipated for early 1H/2016 for the open pit and 2H/2018 for the underground.

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