Plans for Phase I are based on the Preliminary Economic Assessment of the Eagle Mountain Saprolite Gold Project, Guyana Technical Report ("PEA"), which called for a 1,000 tonnes per day open pit gravity plant and post-commissioning cash operating costs of US$500 to US$600 per ounce of gold.
Yannis Tsitos, President, stated, "We are generally pleased with Eagle Mountain’s construction progress with most of our mine construction tasks either completed or nearing completion. During shipment to site, an automation control panel was damaged which required replacement and has delayed our previously targeted year-end production by about 4 to 6 weeks.
"The replacement panel is currently being delivered by air-freight to Guyana. Testing of sections of the process circuit is in progress. We expect to be under budget with final commissioning and initial production to occur in early 2016."
The PEA was prepared for the Company by ACA Howe International Limited, dated effective June 15, 2014, and filed September 16, 2014 on SEDAR at www.sedar.com.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, and Chief Operating Officer for Goldsource, who has reviewed and approved its contents.
Goldsource Mines is a Canadian resource company that is progressing its advanced-stage, 100%-owned Eagle Mountain Gold Project, located in Guyana, towards initial staged production in Q1 2016. Goldsource is led by an experienced management team, proven in making exploration discoveries and achieving project construction on time and on-budget.
