26th Feb 2016 09:48
LONDON (Alliance News) - Amara Mining PLC on Friday said the optimised pre-feasibility study for the Yaoure gold project in the Ivory Coast has confirmed the prospect as a robust development scheme within the current market environment.
Amara said the study has estimated a post-tax internal rate of return for the project of 38% and a net present value of USD555.0 million, based on an 8% discount rate and a gold price of USD1,200 per ounce.
The study estimated annual production from the site could be 248,000 ounces in the first five years and averaging out at 203,000 ounces over a 15-year life of mine.
"I am delighted to be able to deliver materially improved economics for our Yaoure gold project," said Chairman and Chief Executive John McGloin.
Amara shares were up 11% to 10.08 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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