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GBM estimates A$45.3M value in Mount Coolon gold project scoping study

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GBM estimates A$45.3M value in Mount Coolon gold project scoping study

GBM Resources Ltd. said Dec. 4 that it will proceed toward a feasibility study for the Mount Coolon gold project in Queensland, Australia, after a scoping study estimated a pretax net present value of up to A$45.3 million, discounted at 6%, and an internal rate of return of 48.3%.

The study is based on a gold price of US$1,250 per ounce and a project resource in the combined measured, indicated and inferred categories of 330,500 ounces of gold contained in 6.7 million tonnes grading 1.5 g/t of gold for the Koala, Eugenia and Glen Eva deposits.

Preproduction CapEx is pegged at A$25.2 million for the carbon-in-leach and heap leach plant, designed for an ore throughput of 300,000 tonnes per annum and 600,000 tonnes per annum, respectively.

The underground operation is expected to produce 155,000 ounces of gold at a C1 operating cash cost of A$909 per ounce, while the all-in sustaining cost is estimated at A$1,020 per ounce.