16th May 2016 08:48
LONDON (Alliance News) - Metminco Ltd on Monday said it has appointed a consultant to provide a resource model and mining plan for the Miraflores project, which it will own once its acquisition of Minera Seafield SAS completes.
The miner said it is currently on track to complete its acquisition of Minera Seafield from RMB Australia Holdings Ltd by the end of May.
Minera Seafield holds the Quinchia gold project in Colombia, which has a mineral resource of 2.8 million ounces of gold within its 6,042 hectares of concessions. On signing the head of agreement deal to purchase the subsidiary in March, Metminco said there was a near-term gold opportunity at one of the deposits, the Miraflores project.
On Monday, Metminco said it has appointed Denver-based SRK Consulting (US) Inc to provide a resource model for the Miraflores project, as well as an updated underground only mining scenario plan. Metminco said the mining plan will be indicative of a feasibility study level design for the mining, with lower level estimated for backfill, and will give it confidence that this approach to mining is reasonable.
Metminco added that it has also engaged SRK to review and collate the original studied undertaken for the project and perform a gap analysis of key information required to progress to project forward to completion of a feasibility study.
"The company will be in a position to appoint an engineer to complete the feasibility study immediately following settlement of the transaction with RMB. The company has retained SRK to provide the company with a JORC 2012 compliant resource statement which will form the basis for an updated underground only mine plan to feasibility study level," said Metminco Managing Director William Howe.
"SRK will also provide the company with a gap analysis of existing and required data for the completion of the feasibility study," Howe added.
Shares in Metminco were down 1.3% at 0.232 pence on Monday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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