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Mauritania grants Algold more time to complete Tijirit feasibility study

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Mauritania grants Algold more time to complete Tijirit feasibility study

Authorities in Mauritania granted a request from Algold Resources Ltd. for more time to complete a feasibility study on its Tijirit gold project beyond the original deadline of 2018-end.

The company said Jan. 4 that the 12-month extension from the Mauritanian Ministry of Oil, Energy and Mines will give it the opportunity to carry out more technical work, including drilling, metallurgy and hydrogeology, potentially expanding the scope of the project and its resources.

Tijirit is held by TIREX Gold Co., which is 75% owned by Algold and 15% owned by the Mauritanian government. The remaining 10% is owned by Wafa Mining & Petroleum SA, a unit of Wafa Holding, which has interests in Mauritania ranging from food and chemicals to mining and oil exploration as well as finance and insurance.

Algold in May 2018 reported the results of a preliminary economic assessment on Tijirit, outlining a net present value of US$69.0 million, at an 8% discount. At a gold price of US$1,250/oz, the study estimated revenue of US$717.4 million over a 7.1-year mine life.

A formal decree granting a 30-year mining license for the property was issued in August 2017.