Study supports re-start to Serabi’s Brazil mine
14th Jun 2012
JUNE 14 – A preliminary economic assessment supports a re-start of mining operations at Serabi Gold’s 100%-owned Palito Gold Project in Para State, Brazil.
Serabi plans to begin mine development and remedial works including dewatering and deepening of the historic Palito mine as soon as possible after the assessment by engineering consultant NCL Ingenieria y Construccion supported a $US17.8M small-scale, high-grade operation using selective mining techniques. First gold is due in the third quarter of 2013.
The mine would produce 24,400oz pa gold equivalent over an initial 8 years at 8.98g/t, at an average cash operating costs of $739/oz including royalties and refining costs.
The study indicates an after-tax internal rate of return of 68% at a realised gold price of $1,400/oz, net present value of $38.2M and payback within 2 years. Additional resources could be developed from the Palito South, Currutela and Piaui areas discovered in 2011.
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