Troy Resources (ASX:TRY) has reached a milestone with the receipt of the Finalised Environmental Permit for the construction and operation of its Karouni gold project in Guyana.
The project remains on track for first production before the end of the June 2015 quarter.
Karouni has expected annual average gold production of 101,000 ounces with a three year open pit mine life.
This has a conventional carbon in leach plant and gravity gold circuit treating a nominal 1 million tonnes per annum.
After tax IRR is estimated at 50.2% with payback in 1.2 years.
Build cost is about US$70 million while sustaining capital and capital spares over the life of mine totals US$6.4 million.
