RE:RE:NPV Sandstorm's share is.... DEVELOPMENT HIGHLIGHTS AND PROGRESS UPDATE
In a short period, True Gold has advanced and significantly de-risked the Karma Project. Since January 2014, the Company has been implementing and executing on the Karma Project Feasibility Study to stay on-track for first gold pour in 2015. To date, the Company has completed the following milestones:
- Assembled our development team on-site;
- Constructed the water reservoir, which is currently filled to capacity with 1.3 million m3 of water;
- Ordered and put deposits on the mining fleet for delivery to site in late November/early December;
- Secured Karma exploitation permit;
- Discovered, drilled-off and announced additional inferred resources of 1,662,000 ounces of gold (47.8Mt at 1.08 g/t Au)2, not included in the Feasibility Study; and
- Completed detailed engineering and construction-level design work.
We are currently negotiating long-term consumables contracts. A scoping study of the North Kao deposit is also underway, in addition to ongoing exploration focused on regional targets and the recently discovered northern extension to the Nami deposit. Upcoming milestones include:
- Construction of major mining infrastructure will begin in earnest in September 2014, and is expected to be completed in Q3, 2015.
- Procurement process is underway, and will continue until Q3, 2015.
- Ore from the Rambo deposit will be placed on the leach pad in Q4, 2015.
- First gold pour is expected by the end of 2015.
- First full year of production expected in 2016, with production of more than 150,000 ounces of gold projected.