Argonaut Gold Releases Updated PFS for Magino Project, Ontario
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Argonaut Gold Inc. has released the results of an updated pre-feasibility study for its 100 percent owned Magino property, located 40 kilometers northeast of Wawa, Ontario.
“Since increasing our property position and completing additional drilling, we were able to re-assess the deposit in its entirety, including considering many alternative development approaches for the project, such as processing rates ranging from 10,000 tonnes per day (tpd) up to 30,000 tpd. We have determined that this PFS presents the best alternative for development. Not only have the NPV and IRR increased since the previous PFS (based on a Canadian dollar denominated gold price of C$1,538/oz., which is below the current spot gold price of C$1,580/oz.), but the ounces to be produced have increased by 70 percent and the cash costs have decreased by 16 percent. Magino is a unique project — there are few gold projects of this scale and quality located in Canada, and the project’s economics continue to benefit from a strong Canadian dollar denominated gold price. On an ongoing basis, we will consider alternatives to finance and develop the project in order to efficiently realize the full potential of this asset,” said Pete Dougherty, president and CEO of Argonaut Gold.
The company is working with the community and Aboriginal groups in the vicinity of the project and will continue to maintain an open dialogue as the project advances. As part of the process of making application for approval of the project, the Magino project description was submitted during mid-year 2013. The company voluntarily halted the permit applications pending outcome of the PFS and now expect to re-start that process working with the provincial and federal permitting agencies and neighbors to advance the project.
To read more details in the company’s press release, CLICK HERE
About Argonaut Gold
Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities. The company’s primary assets are the production stage El Castillo Mine in Durango, Mexico and the La Colorada Mine in Sonora, Mexico, the advanced exploration stage San Antonio project in Baja California Sur, Mexico, the advanced exploration stage Magino project in Ontario, Canada and several exploration stage projects, all of which are located in North America.
To stop by Argonaut Gold’s website, CLICK HERE
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