RE: RE: In Denial Boys! Please do your homework Dan. The EOM work will be all underground below the Paramo. All the problems you cite are behind them. Plus, they have about 40 million less shares than GWY and about $100 million in cash. For the record I hold 50,000 shares of GWY, 33,000 shares of EOM, 30,000 shares of ARU and 50,000 shares of PKL, so I do not appreciate your comments that I am trying to drive down the stock. I will paste a remake of the EOM release below but go to their website for the detailed release. They claim a resource of 2.7 million ounces +.
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TORONTO (miningweekly.com) – Eco Oro Minerals, which changed its name from Greystar Resources in August last year, on Thursday announced a revamped scoping study for an underground mine at its Angostura gold-silver project in north-east Colombia, outlining a mine that would produce an average 269 000 gold equivalent ounces yearly.
The company had previously aimed to build a 500 000 oz/y openpit operation, but withdrew its permitting applications for the mine in March last year, after the Colombian government indicated it would not approve the operation on environmental grounds.
Under the new plan, Angostura would produce between 222 000 and 303 000 gold equivalent ounces yearly for a decade, with a capital cost of $529-million, compared with the near-$1-billion price tag for the previous, bigger plan.
The preliminary economic assessment gave the project a post-tax net present value of $334-million, and an internal rate of return, with payback occurring after five-and-a-half years.
“Eco Oro has made significant progress in establishing an economically robust development plan for the Angostura deposit in an environmentally efficient fashion to the potential benefit of both shareholders and the local, plus regional communities,” Eco Oro COO David Heugh said in a press release.
“Further optimization and the inclusion of satellite deposits discovered on the property should only enhance the economics moving forward.”
While all of the four processing options the company assessed provided positive returns, the most favourable one was bio-oxidation, which uses microbes to treat the ore.
Eco Oro had previously planned to use cyanide in its leaching process, which was one of the causes of local opposition to the Angostura project, located in an environmentally sensitive area, at high elevations.
Shares in the firm, which have shed over one-third of their value in the past 12 months, edged slightly higher on Thursday to close at C$2.30 in Toronto.
Ed