Lionsgold Limited (LON:LION) on Thursday revealed the results of a feasibility study conducted on the Jonnagiri gold project in Andhra Pradesh in India, in which it holds an interest via a 21.15% stake in Geomysore Services India Pvt Ltd.
Based on a 151,020 ounce probable reserve of gold the project shows a net present value of USD$28.2 million, applying an 8.48% discounted cash flow rate. The internal rate of return for the base case is 24% pre-tax and 17.8% post-tax.
The further addition of low-grade stockpiles and the inferred resources takes the NPV up to US$34.9 mln. At full production Jonnagiri is forecast to produce approximately 25,000 ounces of gold per annum.
Bushveld Minerals Limited’s (LON: BMN) coal and energy subsidiary Lemur Resources recently concluded an open market Request for Proposals process relating to the studies and services that will be required to complete the bankable feasibility study for the Imaloto power project in Madagascar. Key appointments have now been made.
Ariana Resources plc (LON:AAU) has completed its latest round of exploration across the Hot Gold Corridor within its wholly-owned Salinbas gold project, already known to contain one million ounces of gold.
The Hot Gold Corridor is named after the four-million-ounce Hot Maden gold-copper deposit, located approximately 4 km south. The programme has revealed a significantly anomalous zone 1.4 km long and 0.2 km wide, comprising gold, silver, copper, lead and zinc geochemistry, now identified at Ardala North.
The company now believes there is potential for sizable multi-element mineral systems to occur in the vicinity of the Ardala porphyry, in particular along certain geological horizons.
Metal Tiger plc (LON:MTR) has slammed the board of Aussie miner Kinsgate Consolidated and called a meeting to replace all but one of the directors. Michael McNeilly, Metal Tiger’s chief executive, said: “KCN is in urgent need of board renewal.
“The incumbent board has overseen a massive destruction of shareholder value and failed to articulate a clear strategy going forward.
“The board of Metal Tiger shares the view that they are not the right team to lead KCN in its current situation."
For the three months to end September, Galantas Gold Corporation (LON:GAL) booked a net loss of just under C$453,000, wider than the C$257,000 booked in the corresponding period of 2016. The wider loss is in part a reflection of increased activity as Galantas moves forward with efforts to put the underground portion of its Omagh gold mine into production.
The net loss for the nine months to the end September amounted to C$1,65 mln, against C$1.2 mln for the corresponding period in 2016.