Equinox Gold Begins Stockpiling of Ore at Aurizona Gold Mine

Equinox Gold Corp. (TSXV:EQX, OTC:EQXGF) provided an update on construction progress at its Aurizona gold mine in Brazil. Construction remains on budget and on schedule to pour gold by late 2018 with the expectation of producing on average 136,000 ounces of gold per year.

Highlights are as follows:

• Stockpiling of ore commenced on July 18
• New SAG and ball mills have been delivered to site and installation is underway
• Overall project is 60 percent complete
  • Concrete work is 82 percent complete
  • Plant construction is 51 percent complete
  • EPCM (engineering, procurement and construction management) activities are 75 percent complete
  • Engineering is complete

As quoted in the press release:

The SAG and ball mills have been delivered to site and installation is underway. Concrete work continues in the surge bin, reagent and thickening areas and is 92 percent complete in the crusher area, 93 percent complete in the grinding area and finished in the leaching area. Structural steel erection in the grinding area is well advanced and the thickener tank platework is complete.

Pre-production mining activities commenced in mid-April and are progressing on schedule. The mining contractor has removed more than 986,000 tonnes of waste to date and roadwork is well advanced. Stockpiling of ore to prepare for commissioning of the plant commenced on July 18, 2018.

The US$146 million project budget remains fully funded. As at June 30, 2018, the company had spent US$64 million of the project budget. The remaining US$82 million of project spend will be funded by a combination of: (i) cash on hand at June 30, 2018 of US$65 million; (ii) US$30 million of project debt draws (the company drew US$40 million of project debt from the US$85 million facility during Q2-2018 and US$15 million in Q4-2017); and (iii) receivables as at June 30, 2018 totalling over US$12 million.