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Ora Gold study pegs A$21.1M pretax profit from Crown Prince deposit

ASX-listed Ora Gold Ltd.'s Crown Prince gold deposit, part of the Garden Gully project in Western Australia, may generate about A$21.1 million in pretax net profit, according to a scoping study released Dec. 11.

Total project funding is estimated at about A$4.7 million, with predevelopment costs pegged at A$1.4 million.

The study envisioned oxidized resources being extracted from a small mine and being processed at a large off-site plant, with all costs and revenue shared between the operators.

Gold production was estimated at 22,444 ounces over a total mine life of 15 to 18 months. The study assumed gold prices of A$2,000 per ounce, all-in sustaining cost of A$1,006/oz and operating cash cost of A$891/oz.

The company said it plans to source funding from a combination of equity, loan and project participation while noting that its share of the expected profits and production may be reduced by funding or off-site ore processing requirements.

In October, Ora Gold decided to launch a feasibility study for Crown Prince after reporting an increase in the deposit's indicated and inferred resources.