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Avesoro lowers FY'17 gold output forecast, cuts New Liberty mine life

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Avesoro lowers FY'17 gold output forecast, cuts New Liberty mine life

Avesoro Resources Inc. cut its annual production guidance to 70,000 to 80,000 ounces of gold at an operating cash cost of US$900 per ounce to US$950 per ounce.

The previous guidance of between 90,000 and 100,000 ounces was reduced due to a lack of grade continuity in the mineralization within the Marvoe pit at the New Liberty gold mine in Liberia, the company said Oct. 11.

The company also updated the mineral resource and reserve estimate for its New Liberty mine and cut the mine life to 4.5 years as a result of increased process plant throughput.

The mine now contains a proven and probable mineral reserve of 7.4 million tonnes at 3.03 g/t gold containing 717,000 ounces.

The measured and indicated mineral resource now stands at 9.6 million tonnes at 3.2 g/t gold containing 985,000 ounces, and the inferred mineral resource totals 6.4 million tonnes at 3.0 g/t gold containing 620,000 ounces.

The company has decided to increase the process plant throughput to 200 tonnes per hour by the end of this year, from 140 tonnes per hour previously.

Average annual gold production from the mine is expected to be about 149,000 ounces over four years. The mine is estimated to have a posttax net present value, discounted at 5%, of US$179 million.

Average life-of-mine operating cash costs are expected at US$659 per ounce, and all-in sustaining cash costs are estimated to be US$749 per ounce.

Meanwhile, the company plans to infill drill an inferred mineral resource of about 3.5 million tonnes at 2.8 g/t gold containing about 315,000 ounces, which is expected to extend the mine life by a few years.

In the third quarter, Avesoro produced 19,885 ounces of gold, a 26% increase on the previous quarter, bringing year-to-date production to 50,615 ounces of gold.