28th Oct 2014 07:53
LONDON (Alliance News) - Stratex International PLC Tuesday said to expecting to finish building the Altintepe gold mine in Turkey before the end of 2014 and will pour the first gold at the site in the first quarter of 2015.
The Altintepe epithermal gold deposit is located close to the Black Sea coast of northern Turkey and has an in-house resource of 593,131 ounces of gold and 3,184,508 ounces of silver. Stratex is free-carried to production through joint-venture partner Bahar Madencilik and will receive 20% net cash-flow during an initial payback period and 45% subsequently.
"At this stage Bahar advise that they expect the construction will be completed before the end of the year. The project's in-house financials, with an all-in sustaining cash cost of USD530/oz and an initial indicated taxable operating income of USD74.7 million, are robust, especially so given that this is based on first-phase production from only the Çamlik East zone, whereas we anticipate an extended mine life as the additional zones are exploited," Stratex Chief Executive Bob Foster said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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