Oromin Reports CIL Feasibility Study Results at the OJVG Gold Project in Senegal

By MidnightTrader.com Staff,

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Oromin Explorations Ltd. (OLE.TO) today announced the positive results of its 2013 Carbon-in-Leach (CIL) Feasibility Study (FS) and Mineral Reserve update for its OJVG Gold Project in Senegal, West Africa. All figures are in US Dollars.


Net present value ( NPV ) pre-tax of $740 million and after-tax of $558 million at a 5% discount rate and evaluation price of $1550 per ounce of gold, generating an after-tax internal rate of return ( IRR ) of 27.7% with a 23 month payback

Average annual gold production for first three years of full production at 182,000 payable ounces per year at a $489 operating cash cost per ounce

Average annual life of mine (LOM) gold production of 144,000 ounces per full milling year at an LOM operating cash cost of $654 per ounce

Open pit and underground gold mining complex with a current mine life of 17 years

Probable mineral reserves increase by 64% to 2.335 million ounces of contained gold since the 2010 FS - the OJVG Gold Project now hosts the largest gold reserve in Senegal

Average LOM gold recovery of 90.8%

Estimated start-up capital cost of $297.1 million, including $27.9 million contingency

All capital and operating expenditures in the FS have been updated to Q1 2013

The FS does not include the results of the upcoming January 2013 Preliminary Economic Assessment ("PEA") of the Project's heap leach deposits which have potential to outline additional contained gold ounces within the Project.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: IRR , NPV

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