Published: November 15, 2016 |

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GoldQuest Mining Corp. has filed the independent pre-feasibility study (PFS) on its 100 percent owned gold/copper Romero Project in the Dominican Republic.

Highlights include:

•  Internal Rate of Return (IRR): Post-tax 28 percent (Pre-tax 39 percent)

•  Net Present Value (NPV) @ (5 percent): Post-tax $203 million (Pre-tax $317million)

•  All-in Sustaining Cost (AISC): Co-product basis $595/oz of Gold Equivalent

•  Capital Expenditure (Capex): Pre-production $158.6 million; Sustaining incl. closure $92.3 million; Total $250.9 million

•  Payback: 2.5 years

•  Maiden Probable Mineral Reserves of 7.03 million tonnes containing: 840,000 ounces of gold; 980,000 ounces of silver; 136 million pounds of copper

The PFS envisages a 2,800 tonnes per day (tpd) project, encompassing a ramp-accessed underground mining operation employing a standard crush, grind and flotation process plant, located approximately 3 km south of the mine, producing a marketable copper concentrate product with significant gold and silver credits with an annual gold equivalent production averaging 109,000 ounces per year.

“We are pleased to file the full PFS and we look forward to aggressively advancing the project through permitting and final feasibility while we investigate expansion opportunities to improve. Our exploration drilling program is ongoing which provides further opportunities for growth beyond the mine plan in this PFS. Results will be released on an ongoing basis,” said Bill Fisher, executive chairman of GoldQuest.

The PFS was prepared under the direction of JDS Energy & Mining Inc., an industry-leading, international engineering firm, with extensive experience in both the construction and operation of mining projects. The study was supported by a team of internationally recognized technical firms.

The PFS mine plan includes 7.03 million tonnes grading 3.72 g/t Au, 0.88 percent Cu and 4.33 g/t Ag after accounting for dilution and mining recovery, with contained metal totaling 840,000 oz of gold, 135.9 million lbs Cu (61,700 tonnes) and 980,000 oz of silver. The waste rock mined totals 900,000 tonnes, with all waste rock returned underground as backfill by year five.

The mine design includes a 5.0 m x 4.5 m ramp access with production coming from a combination of 75 percent long-hole mining, 16 percent cut & fill mining and 9 percent from development. Mine scheduling targets the highest in-situ value areas of the deposit early in the mine life.

Off-site infrastructure for Romero is planned to include upgrading a 23.5 km access road connecting the site to the local, paved road network, with a 69 kV Transmission Line connecting to the national power grid. Concentrate is planned to be exported from the port of Puerto Viejo.

About GoldQuest
GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic. GoldQuest is traded on the TSX-V under the symbol GQC and in Frankfurt/Berlin with symbol M1W.

To stop by GoldQuest’s website, CLICK HERE

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