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MEI Online: Commodities: Metallic Ores: Gold: Latest News: June 6th 2013

 
 

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:: Gowest Gold Signs Letter of Intent for Kidd Operations Mill

 

Gowest Gold Ltd. is pleased to announce that it has entered into a non-binding Letter of Intent with Glencore Xstrata's Kidd Operations, located in Timmins, Ontario. The plan is to refurbish the Division 'D' line of the mill at Kidd Operations to process Gowest's ore into a high-grade (+90 grams per tonne) gold concentrate. The proposed arrangement between the companies significantly reduces the cost and time to commercial production of the Frankfield East gold deposit.

Highlights of the collaboration between Gowest and Glencore Xstrata:

  • Utilizes excess capacity at the Kidd Operations mill, reducing overall milling costs and increasing revenue;
  • Significantly reduces Gowest capital cost requirements by an estimated $107mm in avoiding the construction of a stand-alone facility ($60mm vs. $167mm); and,
  • Enables Gowest to begin commercial production 2-3 years earlier since a new mill would not have to be constructed.

Gowest has completed a detailed concept engineering study for the mill refurbishment and is now advancing detailed mining plans and initiating a feasibility study. A Definitive Agreement is expected in the latter part of 2013.

Gowest is planning to begin commercial production of its Frankfield East gold deposit in 2015.

Gowest President and CEO, Greg Romain, said, "We have achieved an extremely important milestone in our plans to develop our Frankfield East deposit into the next new gold mine in the Timmins Camp. I am confident that, with the expertise and dedication of the team, we will achieve this goal." He added, "The use of the Kidd Operations mill will significantly reduce our capital expenditures and expedite our path to generating cash flow. It is also evidence of Glencore Xstrata's willingness to support the continued development of the Timmins economy."

 

 

   

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