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Kopy Goldfields estimates 1.1 million-ounce gold production at Krasny project

Kopy Goldfields AB's scoping study at its Krasny gold project in Russia estimated production of 1.1 million ounces during a 17-year life of mine in an open pit gold production scenario.

Initial capital cost is estimated at US$182 million, and life of mine production costs are estimated at US$601 per ounce.

The project is expected to achieve annual revenue of US$82.5 million from gold sales and realize a US$28 million pretax profit per annum, at an average gold price of US$1,250 per ounce.

Free cash flow from the project, when producing from both the Upper and Lower mineralizations, is expected at US$373 million, according to the Dec. 20 release

The operation will have a mine and plant capacity to process 1.6 million tons of ore per annum.

The company will undertake another review of the production model in early 2018 based on an updated gold resource model for both the Krasny and Vostochny mineralizations.

Meanwhile, an analysis by the TOMS Engineering company on gold production from only the Upper structure of the Krasny project estimated free cash flow of US$39 million from mining a total of 362,000 ounces of gold, based on mine and mill capacity of 1.0 million tons.