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Hycroft Mine Reactivation Project |
The Hycroft reactivation project involving the reopening of
the
Brimstone oxide
open pit mine is underway. The project will involve an
open pit mine and processing gold through a run of mine heap
leach process. A mining fleet has been purchased, recruiting
of key personnel is in progress, and leach pad and refinery
design and procurement work continues to progress well.
Initial gold production is scheduled for the 4th quarter of
2008.
|
Gold
Price $400 per ounce Reserve Category |
Short Tons
(thousands) |
Fire Assay
Gold Grade
(opt) |
Contained
Gold Ounces |
|
Proven |
8.144 |
0.026 |
211,744 |
|
Probable |
14.905 |
0.022 |
327,910 |
|
Totals |
23.049 |
0.023 |
539,654 |
|
Gold
Price $450 per ounce Reserve Category |
Short Tons
(thousands) |
Fire Assay
Gold Grade
(opt) |
Contained
Gold Ounces |
|
Proven |
11,954 |
0.022 |
261,000 |
|
Probable |
21,316 |
0.019 |
401,800 |
|
Totals |
33,200 |
0.020 |
662,000 |
The property also contains a measured and indicated resource
of approximately 1 million ounces of gold. This
is summarized below.
|
Mineral
Resource |
Short Tons
(thousands) |
Fire Assay
Gold Grade
(opt) |
Contained
Gold Ounces |
|
Measured and indicated |
52,700 |
0.019 |
1,001,000 |
(1) Cautionary Note to U.S. Investors concerning
estimates of Proven and Probable Reserves: The estimates
of mineral reserves have been prepared in accordance with
Canadian National Instrument 43-101. The definitions of
proven and probable reserves used in NI 43-101 differ from
the definitions in SEC Industry Guide 7 and accordingly may
not be comparable to information from U.S. companies subject
to the SEC’s reporting and disclosure requirements. The
preparation of the technical information contained on this
website was supervised by Scott Wilson, a qualified
person under Canada’s NI 43-101.
Cautionary Note to U.S. Investors concerning estimates of
Measured and Indicated Resources: This press release
uses the terms “measured resources” and “indicated
resources”. We advise U.S. investors that while these terms
are recognized and required by Canadian regulations, the SEC
does not recognize them. U.S. investors are cautioned not to
assume that any part or all of mineral deposits in these
categories will ever be converted into reserves. Proven and probable mineral reserves were
calculated using a $400 and $450 per ounce gold price and a 0.005
ounce per ton cutoff grade. The measured and indicated gold
resources were calculated using a 0.005 ounce per ton cutoff
grade. No silver content estimates are included in the ore
reserve or resource calculations. Mineral resources that are
not mineral reserves do not have demonstrated economic
viability.
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