MetalNRG says to redo Imwelo PFS and scoping study when acquisition of Lake Victoria Gold completes

MetalNRG announced the planned acquisition of Lake Victoria Gold in October

MetalNRG -

MetalNRG PLC (LON:MNRG) has said that it plans to revise the pre-feasibility study (PFS) on Imwelo Project when it completes the acquisition of the project owner, Lake Victoria Gold.

The company plans to get the consultant that did the original PFS and reserves estimate to revise, optimise and update the numbers and projections to take into account the significantly higher gold price at present and planned investment optimisation.

It is envisaged that the updated study will facilitate the project's fast track to production, with the resultant cash flows supporting further resource development and underground mining studies.

"The company views the planned update of the 2017 pre-feasibility and scoping study report as an opportunity to demonstrate additional value from the development of the Imwelo Project in light of the significant increases in the gold price since that time. Through commissioning an independent study we aim to optimise the economics of the project with a view to setting out a fast-track plan to production and cash flow generation,” said Rolf Gerritsen, the chief executive officer of MetalNRG in a statement.

Quick facts: MetalNRG

Price: 0.675 GBX

Market: LSE
Market Cap: £3.01 m

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