New info in web site presentation.... Pages 26,27 and 28 contain new information. Down to $3 million cash as of May 1st. They will use $1200 gold instead of the $880 gold they used in 2010 for both their upcoming 2012 resource update and their year end feasibility study. Cash cost is mentioned at $584 in the bottom of page 28. Take a look at the presentation it is easier to read than my copy/paste info. Seems like some old info mixed in with some new.
OJVG RESOURCES & RESERVES UPDATE SUMMARY
2010 RESERVES & 2012 RESERVES UPDATE PLAN
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2010 gold reserves based on 4 C.I.L. deposits1 and drill results to Jan/2010 only
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56% of 2010 indicated resources converted to gold reserves Open Pit Reserves* 0.81 M oz @ 1.96 g/t Au Underground Reserves** 0.61 M oz @ 4.08 g/t Au Total Reserves 1.42 M oz @ 2.52 g/t Au (@ $880 gold) * Only open pit reserves were reported for Masato (0.46 M oz @ 1.44 g/t) due lack of deeper drilling. The subsequent 2011 Resource Update outlined 721,500 ounces of indicated resources @ 2.1 g/t Au immediately below the 2010 Masato Reserve Pit. ** Also, considerable depth expansion (from 250m to > 1km) of high grade mineralization confirmed at Golouma during wide spaced 2011 drilling.
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2012 Reserve and Feasibility Update for the 4 C.I.L. deposits1 will be determined at $1,200 gold vs $880 used in 2010 and will include results for an additional 340 drill holes completed since 2010 Feasibility Study.
2011 INDICATED RESOURCES & 2012 RESOURCE UPDATE PLAN
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2011 Indicated resources based on 8 deposits1,2, (4 C.I.L. and 4 H.L.) and drilling results to Jan/2011 only
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90% of total 2011 Resources (3.75 M oz) converted to indicated category due to tight drill spacing 3 Golouma C.I.L.1 Deposits 1.38 M oz @ 3.4 g/t Au 1 Masato C.I.L.1 Deposit 1.46 M oz @ 1.3 g/t Au Total C.I.L. Deposits 2.84 M oz @ 1.9 g/t Au (@ $1,300 pit shells) 4 H.L. Deposits2 0.48 M oz @ 0.7 g/t Au (@ $1,000 pit shells) Total 2011 Indicated 3.32 M oz (C.I.L. & H.L.) Resources
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Inferred resources1,2 total 0.44 M oz @ 1.2 g/t Au
2012 Resource Update based on 250 additional "property wide" drill holes completed since the 2011 Resource statement and initial resources from up to 6 new deposits3 also. Meanwhile on the exploration side, 6 new targets4 are being raised to drill ready status
1)Four – C.I.L. Deposits – Golouma’s (Golouma West & South, Kerekounda, Kourouloulou) and Masato (C.I.L.) 2.84 M oz @ 1.9 g/t Au – indicated resources
2)Four – Heap Leach Deposits – Niakafiri SW, Niakafiri SE, Maki Medina, Kobokoto 0.48 M oz @ 0.7 g/t Au – indicated resources
3)New deposits – Kinemba, Mamasato, Koutouniokolla, Sekoto, Kouroundi, Koulouqwinde
4)New drill targets – Saboraya, Goumbati West, Torosita, Mamakono South, Masato NE, Maleko
Comparison with Teranga Gold’s Feb.2012 C.I.L. Reserves and Resources Reserves (4 deposits & stockpile) 1.66 M oz @ 1.43 g/t Au @ $1,250 Au price (represents 78% conversion rate of indicated) Indicated Resources ( 4 deposits) 2.14 M oz @ 1.17 g/t Au – includes reserves Inferred Resources (8 deposits) 1.51 M oz @ 0.98 g/t Au
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2012 RESOURCE, RESERVE & FEASIBILITY UPDATE
Resources @ +/- $1,500 Au pit shells:
Resource Updates for 8 Gold Deposits: - Golouma - Niakafiri Southeast - Niakafiri Southwest - Masato - Kerekounda - Maki Medina - Kourouloulou - Kobokoto And, Initial Resource Calculation for 6 New Gold Deposits: - Mamasato - Kinemba - Kouroundi - Sekoto - Koutouniokolla - Koulouqwinde Reserves & Feasibility Study Update @ $1,200 Au:
2012 Reserve Update for 4 Gold Deposits used in the 2010 Feasibility Study
- Golouma - Kerekounda - Masato - Kourouloulou
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2010 FEASIBILITY STUDY, OPTIMIZATION & HEAP LEACH P.E.A. SUMMARY
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OJVG’s 2010 Feasibility Study* delivered robust economics for a stand alone C.I.L. mining operation with initial annual production over the first 3 full years averaging 187,000 ounces of gold
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Subsequent optimization** increases average gold recoveries from 89.2% to 90.7% and a plant utilization from 88% to 91.3% and adds an incremental 7,000 ounces per year in gold production
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The positive May 2011 Heap Leach PEA*** adds a further potential 36,000 ounces incremental gold production annually
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The 2012 Resources, Reserves and Feasibility Update is expected to substantially increase; the OJVG development scenario, mine life and project economics
* Initial 9 year mine life averaging LOM 152,000 oz/yr, 36% pretax IRR @ $1,200 gold, LOM capital $350 M and cash costs of $461/oz ** 2010 Feasibility scenarios not updated by optimization results *** Initial 9 year mine life adds 237,000 ounces to production, $50 M capital cost, cash costs at $584/oz and adds $60 M to NPV
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