Euromax Resources Releases Feasibility Results for Ilovica

Euromax Resources (TSXV:EOX) announced results of a feasibility study for its wholly owned Ilovica project in Macedonia.
As quoted in the press release, highlights included:

Financial

• Pre-tax NPV^(5%) of USD 513.0 million and Post-tax NPV^(5%) of USD 440.1 million*
• Pre-tax IRR of 19.8% and Post-tax IRR of 17.8%
• Initial Capex USD474.3 million including contingency
• World Gold Council defined Adjusted Operating Cash Costs of USD 200/oz and All-In Costs of USD 372/oz**

*(Based on Analyst Consensus Long Term Price Forecasts of USD1,220/oz Au and USD2.90/lb Cu)
Reserves & Resources

• Total Measured and Indicated Resources of 256.8 million tonnes sulphide material containing:
  • 2.6 million ounces of gold at an average grade of 0.32 g/t Au
  • 1,208 million pounds (548 thousand tonnes) of copper at an average grade of 0.21% Cu
• Total Proven & Probable Mineral Reserve of 198.1 million tonnes containing:
  • 2.01 million ounces of gold at an average grade of 0.32 g/t Au
  • 898.9 million pounds (408 thousand tonnes) of copper at an average grade of 0.21% Cu

Operational

• Average annual payable production of 83,000 oz of gold and 16,000 tonnes of copper
• Throughput of 10 million tonnes per annum and mine life of 20 years
• Conventional open pit with strip ratio of 1:1
• Process comprises flotation to a copper-gold concentrate and doré production via Carbon-in-Leach (“CIL”) on cleaner-scavenger tailings
• Average overall process recoveries of 83.3% gold and 81.3% copper

Click here for the full press release.