Goldsource Begins Construction at Eagle Mountain Gold Project

- March 5th, 2015

Goldsource Mines Inc. (TSXV:GXS,FWB:G5M) announced it has began construction at its Eagle Mountain gold project in Guyana, South America. The Phase I development will include a 1,000 tonnes per day open pit – gravity plant for am eight year life of mine with an estimated pre-production capital cost of US$5.9 million and an expected cash operating cost of US$480 per ounce of gold.

Goldsource Mines Inc. (TSXV:GXS,FWB:G5M) announced it has began construction at its Eagle Mountain gold project in Guyana, South America. The Phase I development will include a 1,000 tonnes per day open pit – gravity plant for am eight year life of mine with an estimated pre-production capital cost of US$5.9 million and an expected cash operating cost of US$480 per ounce of gold.

As quoted in the press release:

Currently the significant development activities are as follows:

  • Purchase of a 100 tonnes per hour processing plant from Sepro Mineral Systems Corp., Langley, Vancouver, British Columbia (deposits completed).
  • Detailed engineering and final design of Sepro processing plant (near completion).
  • Construction of Sepro processing plant in Vancouver (Q1 to Q3 2015).
  • Rehabilitation of the existing 10 kilometer road between Mahdia town (main interior highway and commercial airport) and Eagle Mountain Gold (underway).
  • Procurement of longer-lead mining equipment (underway).
  • Pre-production drilling program for confirmation and condemnation (underway).
  • Camp facility rehabilitation and upgrades (underway).
  • Recruitment of key operations personnel (underway).
  • Site preparation of plant and initial mining area (Q2 2015).

Yannis Tsitos, president and director of Goldsource, commented:

The Phase I development at Eagle Mountain is fully financed, the mine area is fully permitted for operations and mine site preparation and processing plant construction has begun. The commencement of construction activities at Eagle Mountain is a huge milestone for the Company and we are very excited at the prospect of Goldsource becoming a low cost gold producer in 2015

Click here to read the full Goldsource Mines Inc. (TSXV:GXS,FWB:G5M) press release.

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