Production plans for Phase I are based on the Preliminary Economic Assessment of the Eagle Mountain Saprolite Gold Project, Guyana Technical Report ("PEA") dated July 31, 2014. Phase I calls for a 1,000 tonne per day open pit – gravity plant with post-commissioning and ramp up cash operating costs of US$500 to US$600 per ounce of gold.
President Yannis Tsitos said: "We are very pleased with the progress to date at the Eagle Mountain project. With the start of commissioning, Goldsource begins the exciting process of transitioning into a new junior gold producer. Over the next two weeks, we will be completing extensive testing along with dry and wet runs of mined materials through the process facility. The next several months of production ramp up are considered the "proof of concept period" to demonstrate that operational and cost parameters outlined in the PEA are achievable.
"This will be an important milestone for the Company. Thanks to our dedicated and experienced construction team and management in both Guyana and Canada, we succeeded in completing the mine construction phase with a stellar safety record. We expect the Phase I capital cost for construction to be under budget at less than US$5 million compared to the estimated PEA budget of US$5.9 million."
