Karbonate Minerals Corp. Releases High-Return Expansion Feasibility Results at Morona Santiago Project, Management Give Construction Go-Ahead
Karbonate Minerals Corp. has released a high-margin expansion feasibility for their Morona Santiago project in Ecuador and as a result of these findings the company's senior management have formally approved construction of the expansion.
Initial capital costs are estimated at US$9.7 million, with US$12.9 million budgeted for sustaining capital over the mine life along with the engineering study, Karbonate Minerals Corp. has also announced an initial reserve for the expansion of the site.
Proven and probable reserves total nearly 1 million tons grading at an average of 3.81 grams of gold per ton.
Simon Ogilvy, Production Director with Karbonate Minerals Corp. explained, "The feasibility study confirms what we have believed for a while, that the Morona Santiago project is one of our most under-appreciated assets which continues to exceed all of our expectations. Having taken control of the site just over 4 years ago we have already identified triple the amount of production potential than we initially though, and this has extended the life of the mine by at least a further 8 to 10 years."
"Although we have only just given the go-ahead to this expansion, we are already working hard to construct the additional plant requirements at the project. We are particularly excited about this expansion as the opportunities that still remain here will help grow the project's profitability," Simon Ogilvy added.
The company have also completed a feasibility study at their Esmeraldas project, also in Ecuador, and expect to release these results in the first quarter of 2025.
