May 21, 2022

The Queens County Citizen

Complete Canadian News World

Wesdom kiana moves forward with gold mine

Wesdom kiana moves forward with gold mine

The Kiana gold mine in Wall-D’R comes to life again. Its owner Wesdom (WDO, Toronto, $ 11.48) announced the resumption of operations at the end of the day on Wednesday during the publication of highlights of the pre-feasibility study.

Andre DubakAndre Dubak

“Within five years of the discovery of the Kiana Deep A Zone, we are delighted to be moving forward with the Kiana re – art launch,” President and CEO Duncan Middlemis said in a statement. This project provides reliable financial aspects and represents an important step for Wesdom, which produces intermediate size. ”

Wesdom will start production in the third quarter of 2021. It produces 84,000 ounces of gold per year for its 7 years of useful life based on the amount of resource indicated. The content is 11.9 grams per ton. Processing capacity is 2000 tons per day.

The capital needed to renew and generate 7 years, including 68 million in 2021, is 230 million. The total cost of each ounce collected was 894 CAD or 676 US dollars. Gold currently sells for US $ 1900 per ounce.

The study estimated net funding at 85.5 million operations (free cash flow) per year for the first five years at 6,600 per ounce. The internal return rate of the project is 98% and the investment recovery time is 2.7 years.

Net current value after tax reached US $ 1,491 million at US $ 1900.

The Kiana mine operated from 1981 to 2013 in the Dubuison district, northwest of the city of Wall-D’R. It distributed 1.75 million ounces of gold over a lifetime. Kiana Deep Zone was discovered in 2016. It is located at a depth of 1 km in the ground and has a high grade gold deposit.

READ  Canada to increase oil exports to help Europe