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PanTerra Gold (ASX: PGI), formally known as EnviroGold, is a near term gold producer at its Las Lagunas project in the Dominican Republic with construction scheduled for completion in December 2011. The project has an expected life of seven years at an annual production rate of 65,000 ounces of gold and 600,000 ounces of silver.
PanTerra Gold is also active in Ecuador with the advanced Azuay Gold Mining project and the San Gerardo Gold Mining prospect. At the Azuay project, construction is targeted to commence in mid 2012.
EnviroGold completes trial mining Las Lagunas gold tailings project
EnviroGold (ASX: EVG) has received a boost with successful completion of “trial mining” on its Las Lagunas gold tailings project in the Dominican Republic.
The trial demonstrated ease of operations under dry conditions, and confirmed contractor’s pricing.
Brian Johnson, executive chairman of EnviroGold said today, “it is exciting for the company to be nearing gold and silver production early next year in an environment of record bullion prices.
“If current prices are maintained for the first two years of operations, profits over the two year period would be expected to increase from the previously estimated US$78 million to approximately US$104 million after tax and Government profit sharing, which would result in significant early cashflow for an emerging producer”.
During the dry season (approximately six months of the year) it is proposed to doze tailings to an excavator which will load directly into a moveable penstock. The material will then be slurried before being pumped to the process plant, 200 metres downstream from the storage dam.
At the same time, contractors will move material by articulated off-highway trucks to stockpiles outside the dam which can be recovered during the wet season when rain would otherwise interrupt operations.
