Greystar Resources Ltd. ("Greystar" or the "Company") reports that GRD Minproc Ingeniería y Construcción Ltda. Chile ("Minproc") of Santiago, Chile has been awarded the contract to complete the Feasibility Study for Greystar's wholly-owned, multi-million ounce Angostura gold-silver project in northeastern Colombia.
The Feasibility Study is a continuation of the recently completed Prefeasibility Study (see news release dated May 8, 2009) and will commence immediately.
"Minproc did an excellent job completing the Angostura Prefeasibility Study and while several well qualified contractors submitted bids for the Feasibility Study, Minproc's winning proposal will allow for a seamless transition to a feasibility level study and the rapid completion of this part of the Angostura Project development." said Greystar's Executive Vice President, Frederick Felder, P.Geo. "The Prefeasibility Study indicates very favourable economics at a gold price of US$700 per ounce in the first three years of operation and US$650 per ounce thereafter. Gold prices have continued to improve since the Prefeasibility Study and there are several avenues that the Feasibility Study will evaluate to potentially further enhance the internal rate of return for the Angostura project."
The Feasibility Study will provide technical evaluations, engineering designs, capital and operating costs for the mine, mills, process plant and site infrastructure, as well as the financial analysis of the project. The Feasibility Study will also include the basic engineering of the project and continue to refine work completed during the prefeasibility phase. The Feasibility Study is expected to be completed in the fourth quarter of 2009 and is budgeted to cost $8 million.
The resource definition, as well as the mine design and planning will be provided by NCL Ingenieria y Construccion S.A., also a Santiago, Chile-based consulting group with recognized experience in the gold mining industry.
The engineering design work on the leach pads, including the geotechnical work, has been awarded to Vector Peru S.A.C. of Lima, Peru, who had previously completed the Prefeasibility Study portion of the pad design.
The final geotechnical investigations for the pit, waste dump, infrastructure, as well as the hydrogeological characterization for the entire project area has been awarded to a joint venture composed of Geoblast S.A., Water Management Consultants both of Santiago, Chile and icConsulenten of Austria.
Based on the December 2008, resource update estimation, the Angostura deposit hosts a measured resource of 148.9 million tonnes grading 0.78 gram gold for 3.736 million contained ounces of gold; an indicated resource of 182 million tonnes grading 1.34 grams gold for 7.813 million contained ounces of gold. Combined, the measured and indicated resources host 11.55 million ounces of gold in 330.9 million tonnes of material grading 1.09 grams gold per tonne, plus an inferred resource of 3.472 million ounces of gold in 90.8 million tonnes grading 1.11 grams gold per tonne. Resource estimation was undertaken in compliance with CIM mineral resource and mineral reserve definitions that are referred to in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. A location map of the Angostura drilling, along with a map of the ...
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