The independently assessed Feasibility clearlydemonstrates the...

The independently assessed Feasibility clearly
demonstrates the Stage 1 heap leach as
commercially robust, delivering: 94,600oz Gold
equivalent per year, over 7.2 years life of mine, at
an operating cost of $516 per oz Gold equivalent
(co-product basis).

This ranks Cerro del Gallo Stage 1
among the lowest cash cost gold/
silver production assets proposed
for construction by Australian or
Canadian listed gold companies at
the time of writing.

The benefit of such a low operating cost: a
US$181M Net Present Value (NPV) (6% discount)
after capital pay back, including royalties and
sustaining capital costs, at assumed long term
US$1,341 gold and US$25.58 silver pricing; with
Stage 2 having the potential to extend mine life to
14 years and add significantly to NPV.