Treasury Metals Inc. (TSE:TML) Tuesday gave an update on its ongoing development programs at its 100 percent-owned Goliath Gold Project, located near Dryden, Ontario.
As a result of the project's increased mineral
resources, the company has retained the services of A.C.A. Howe
International independent mining consultants to lead and manage an
updated Preliminary Economic Assessment that is expected to be completed
towards the end of June.
Currently underway, the PEA will
concentrate on establishing the economic parameters of mining operations
including capital and operating costs for an initial open-pit mine
followed by underground mine production.
The updated PEA will
also analyze process facilities, open pit and underground optimization
studies, mining planning and scheduling, including CAPEX and OPEX for
both mining and plant operations.
The PEA will update the 2010
Preliminary Economic Assessment and reassess the project's economics
using the company's increased resource estimate that was released in
In November, Treasury unveiled an Indicated
mineral resource of 810,000 ounces of gold and an Inferred mineral
resource of 900,000 ounces of gold and gold equivalent ounces of silver.
newest resource will allow Howe to model an open-pit and underground
operation with a much higher production rate and increased scale in
general from the initial PEA. The PEA will be prepared according to the
guidelines in NI 43-101.
This economic study will allow the
company's staff engineers and consultants to maximize opportunities for
both cost reductions and project enhancements as we move the project
A number of development programs are running simultaneously to support the PEA and the advancement of the Goliath Gold Project.
Further engineering activities and permitting for the advanced
exploration program are all currently underway and will be updated to
the market in due course.